98

LAWS OF MARYLAND

Ch. 5

(ii) A late payment charge.

DRAFTER'S NOTE: This corrects various errors in § 12-506(a)
of the Commercial Law Article, including errors in
punctuation, and reference, the omission of a
conjunctive "and", and the use of duplicative language
contained in the existing introductory sentence
fragment.

The stylistic corrections in § 12-506(a)(l) and (2)
were intended to correct the duplication of the phrase
"the finance charge" contained in § 12-506(a)(3) and
(5) without necessitating a renumbering of
cross-references throughout the Annotated Code.

The errors in § 12-506(a) were contained in Ch. 753 of
the Acts of the General Assembly of 1982.

The correction of the internal references was
suggested by the Michie Company. All other
corrections were suggested by the professional staff
of the Legislative Division of the Department of
Legislative Reference.

12-1005.

In addition to interest at a periodic percentage rate or
rates permitted by §§ 12-1003 and 12-1004 of this subtitle, a
credit grantor may charge and collect:

(a)  (3) The limitations imposed by [(a)(1) and (2) above]
PARAGRAPHS (1) AND (2) OF THIS SUBSECTION do not apply to a
credit extension:

(i) Secured by a first lien on residential real
property; or

(ii) Made for a bona fide commercial purpose in
excess of $75,000.

DRAFTER'S NOTE: This corrects a stylistic error in an
internal reference in § 12-1005(a)(3) of the
Commercial Law Article.

The stylistic error occurred in Ch. 174 of the Acts of
the General Assembly of 1973.

The error was noted by the Computer Division of the
Department of Legislative Reference.

14-1312.

(b)  (2) An acceptor may not return the discharged check
directly to the financial institution on which the discharged
check was drawn if the check was submitted to the acceptor under