WILLIAM DONALD SCHAEFER, Governor Ch. 614

billing period, or on an amount calculated by another balance
computation method specified in the agreement.

(c)  If the applicable periodic percentage rate under the
agreement governing the plan is monthly, a billing period shall
be deemed to be monthly if the last day of each billing period is
on the same day of each month or does not vary by more than 4
days.

(d)  (1) Notwithstanding subsections (a) and (b) of this
section:

(i) If the outstanding balance of purchase
obligations under an open-end credit plan is paid in full within
25 days after the end of a PRIOR billing period, a finance charge
or interest may not be imposed on a consumer borrower with
respect to [such] THE balance for that billing period IN WHICH
THE FULL PAYMENT WAS RECEIVED THE PERIOD FROM THE END OF THE
PRIOR BILLING PERIOD TO THE DATE OF THE PAYMENT IN FULL; and

(ii) If there is no purchase balance at the
beginning of a CURRENT billing period OR IF A PURCHASE BALANCE IS
PAID IN FULL WITHIN 25 DAYS OF THE BEGINNING OF A BILLING PERIOD
OR IF FULL PAYMENT OF AN OUTSTANDING BALANCE FROM A PRIOR BILLING
PERIOD IS MADE UNDER SUBPARAGRAPH (I) OF THIS PARAGRAPH WITHIN 25
DAYS AFTER THE END OF THE PRIOR BILLING PERIOD, a finance Charge
or interest may not be imposed on a consumer borrower with
respect to any purchase obligation added to the account during
that THE CURRENT billing period from the date of purchase to the
end of that THE CURRENT billing period.

(2) Notwithstanding paragraph (1) of this subsection,
if the agreement governing a plan so provides, a finance charge
or interest may be imposed from the date of purchase, if the
agreement does not provide any charge permitted by § 12-905(a) of
this subtitle.

SECTION 2. AND BE IT FURTHER ENACTED, That it is the intent
of the General Assembly that this Act only be construed to
clarify current law as interpreted by the Office of the Attorney
General and may not be construed to alter the current law
concerning the imposition of interest or finance charges under
revolving credit plans.

SECTION 2 3. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1988.

Approved May 27, 1988.

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