WILLIAM DONALD SCHAEFER, Governor

Ch. 648

Section 12-702, 12-703, 12-704, 12-707, and 12-708 and

12-704
Annotated Code of Maryland
(1983 Replacement Volume and 1988 Supplement)

BY repealing and reenacting, without amendments,

Article - Commercial Law

Section 12-701, 12-705, and 12-706, 12-707, and 12-708

Annotated Code of Maryland

(1983 Replacement Volume and 1988 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Commercial Law

12-701.

(a)  In this subtitle the following words have the meanings
indicated.

(b)   "Applicant" means any person who applies to a creditor:

(1)  Directly for an extension, renewal, or
continuation of credit; or

(2)  Indirectly by use of an existing credit plan for
an amount exceeding a previously established credit limit.

(c)  "Commissioner" means the Commissioner of Consumer
Credit, except when used concerning actions of a banking
institution when it shall mean the State Bank Commissioner.

(d)  "Credit" means the right granted by a creditor to a
debtor to:

(1)  Defer payment of a debt;

(2)  Incur a debt and defer its payment; or

(3)  Purchase property or services and defer payment
for it.

(e)   "Creditor" means any person who regularly:

(1)  Extends, renews, or continues credit for
personal, family or household purposes; or

(2)  Arranges for the extension, renewal, or
continuation of credit.

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