WILLIAM DONALD SCHAEFER, Governor                        Ch. 5

[wholesaler;] WHOLESALER, plus a markup to cover his cost of
doing business, which cost of doing business, in the absence of
satisfactory proof of a lesser cost, is presumed to be 8 percent
of the basic cost of cigarettes to him.

(e) (1) "Cost to the wholesaler", subject to the special
cost provisions of § 11-503 of this subtitle, means the basic
cost of cigarettes to a [wholesaler;] WHOLESALER, plus a markup
to cover his cost of doing business, which cost of doing
business:

(i) Includes the cartage cost to a retailer
plus the full face value of any cigarette taxes payable by the
wholesaler on the cigarettes sold; and

(ii) In the absence of satisfactory proof of a
lesser cost, is presumed to be 5 percent of the basic cost of
cigarettes to him.

DRAFTER'S NOTE:

Error: In § 11-501 of the Commercial Law Article,
erroneous punctuation in subsections (d)(1) and
(e)(1).

Occurred: Erroneous punctuation occurred in Ch. 49,
Acts of 1975.

12-106.

(a)  This section does not apply to any loan:

(1)  Described in § 12-103(e) of this subtitle; or

(2)  Made under [the Maryland Higher Education Loan
Program Act] TITLE 18, SUBTITLE 10 OF THE EDUCATION ARTICLE.

(b)  (1) Before the execution of a loan contract under this
title, the lender shall furnish to the borrower a written
statement which sets forth:

(i) The total principal amount of the loan and
the total amount of finance charge as defined in the [Federal]
FEDERAL Truth-in-Lending Act to be paid, stated in dollars,
except that on loans payable on demand, the total amount of
finance charge to be paid shall be stated on a per diem basis;

(ii) The annual effective rate of simple
interest charged, stated in percentage calculated to the nearest
0.2 percent; and

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