Ch. 577

LAWS OF MARYLAND

14-1901.

(A) (1) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE
MEANING'S INDICATED;

(2) (B) "DEALER" MEANS A DEALER AS DEFINED IN §
15-101(C) OF THE TRANSPORTATION ARTICLE.

(3)(I) (C)(1) "LEASE" OR "LEASING" MEANS A

TRANSACTION THROUGH WHICH:

1. (I) THE POSSESSION OR USE OF A MOTOR
VEHICLE FOR A COMMISSION OR OTHER COMPENSATION IS TRANSFERRED TO A
LESSEE PRIMARILY FOR PERSONAL, FAMILY, OR HOUSEHOLD PURPOSES FOR
MORE THAN 180 CONSECUTIVE DAYS, INCLUDING RENEWAL PERIODS;

2. WHERE THE LESSEE DOES NOT HAVE THE
OPTION TO PURCHASE THE LEASED MOTOR VEHICLE, AND

3. IN WHICH THE LESSEE'S LIABILITY AT THE
END OF THE LEASE TERM IS NOT BASED ON THE DIFFERENCE BETWEEN THE
ESTIMATED VALUE OF THE MOTOR VEHICLE AND THE REALIZED VALUE OF
THE MOTOR VEHICLE.

(II) THE LESSEE MAY RETURN THE MOTOR VEHICLE AT
THE END OF THE LEASE TERM WITH NO FINANCIAL OBLIGATION OTHER THAN
PAYMENTS REQUIRED UNDER THE LEASE FOR EXCESS WEAR AND TEAR AND

EXCESS MILEAGE CHARGES; AND

(III) THE LESSEE IS PROVIDED THE OPTION TO

PURCHASE THE LEASED VEHICLE FOR:

1. IN THE CASE OF A NEW VEHICLE,

CONSIDERATION OF:                                           

A. IN EXCESS OF 20 PERCENT OF THE "VALUE

AT CONSUMMATION" OF THE VEHICLE AS THAT TERM IS DEFINED IN 12.

C.F.R. § 213.2(A)(18); OR

B. IF THE VALUE AT CONSUMMATION IS NOT
STATED IN THE LEASE, IN EXCESS OF 20 PERCENT OF THE MONRONE
STICKER PRICE FOR THE VEHICLE; OR

2. IN THE CASE OF A USED VEHICLE,

CONSIDERATION IN EXCESS OF 20 PERCENT OF THE WHOLESALE VALUE OF
THE VEHICLE AS SHOWN IN THE OFFICIAL USED CAR GUIDE OF THE
NATIONAL AUTOMOBILE DEALER'S ASSOCIATION (N.A.D.A.), TAKING INTO
ACCOUNT ACCESSORIES AND MILEAGE PLUS ANY COSTS INCURRED BY THE

LESSOR IN REPAIRING AND SERVICING THE VEHICLE IN ANTICIPATION OF

A LEASE.

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