Ch. 600

LAWS OF MARYLAND

(4)   [If the borrower under paragraph (1) of this
subsection is a consumer borrower, as defined in § 12-901 of the
Commercial Law Article, the] THE recordation tax may be computed
and paid on the aggregate MAXIMUM OUTSTANDING principal sum,
however expressed, that is stated to be secured by the instrument
of writing, without regard to the amount of secured debt actually
incurred, ADVANCED, OR READVANCED.

(5)  When credit is originally extended UNDER
PARAGRAPH 1 OF THIS SUBSECTION to a consumer borrower, AS DEFINED
IN § 12-901 OF THE COMMERCIAL LAW ARTICLE, the lender shall
inform the borrower that:

(i) the borrower may pay the recordation tax
under paragraphs (1) and (2) or paragraph (4) of this subsection;
and

(ii) if the borrower elects to pay the
recordation tax as additional debt is incurred under paragraph
(2) of this subsection, the consumer borrower is responsible for
payment of the additional tax and any penalty provided by §
14-1012 of this article.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1988.

Approved May 27, 1988.

CHAPTER 600

(Senate Bill 555)

AN ACT concerning

Attachment of Employee Wages - Amounts Exempt

FOR the purpose of increasing the dollar amount used to calculate
the amount of disposable employee wages that are exempt from
attachment; and making this application uniform throughout
the State.

BY repealing and reenacting, with amendments,

Article - Commercial Law

Section 15-601.1(b)

Annotated Code of Maryland

(1983 Replacement Volume and 1987 Supplement)

- 4102 -