HARRY HUGHES, Governor                                          97

The stylistic error was noted by the Michie Company.

13-207.

The Secretary may refuse to issue a license or may suspend
or revoke a license for:

(1) Fraudulent or deceptive statements on an
application for a license; [or]

DRAFTER'S NOTE: This deletes an extraneous disjunctive "or"
in § 13-207(1) of the Agriculture Article.

The extraneous disjunctive, which follows the first
item in a series of 3, was contained in Ch. 778 of the
Acts of the General Assembly of 1981.

The extraneous disjunctive was noted by the Michie
Company.

Article - Commercial Law

12-506.

(a) In an open end account[, the finance charge may not be
more than]:

(1)   THE FINANCE CHARGE MAY NOT EXCEED 1.5 percent a
month on that part of the outstanding balance not exceeding $700;

(2)   THE FINANCE CHARGE MAY NOT EXCEED 1 percent per
month on that part of the outstanding balance exceeding $700;

(3)  Notwithstanding the provisions of [paragraph
(a)(1) and (2)] PARAGRAPHS (1) AND (2) OF THIS SUBSECTION, the
finance charge may not exceed 2 percent per month on that part of
the outstanding balance originating on or after July 1, 1982[.];

(4)   [In an open end account, including] INCLUDING a
credit card plan that provides for sales, cash advances, or both,
the buyer or borrower may not be required to pay a membership fee
for the privilege of participating in the plan[.];

(5)   [With respect to an open end account made] IF
MADE at a rate pursuant to paragraph (3) OF THIS SUBSECTION, the
seller or holder may not contract for, charge, or receive any
compounded interest or compounded finance charge[.]; AND

(6)  A seller or financial institution may assess
either, but not both:

(i) A finance charge equal to the rate of
interest charged on past due accounts as provided in the
agreement; or