WILLIAM DONALD SCHAEFER, Governor Ch. 651

(1)  The terms governing the periodic percentage rate
used to calculate interest or finance charges;

(2)  The method of computing the outstanding unpaid
indebtedness to which the rate is applied;

(3)  The amounts of other charges; and

(4)  The applicable repayment schedule.

(b) (1) The credit grantor shall notify each affected
borrower of an amendment in the manner set forth in the agreement
governing the plan and in compliance with the requirements of the
federal Truth in Lending Act, and regulations promulgated
thereunder. If the amendment has the effect of increasing the
interest, finance charges, or other fees and charges to be paid
by the borrower, including, but not limited to those enumerated
in § 12-905 of this subtitle, or altering the manner of their
computation, the credit grantor shall mail or deliver to the
borrower, at least [15] 25 days before the effective date of the
amendment, a clear and conspicuous written notice which shall
describe the amendment, including [the amount and method of
computation of all interest, fees, and charges, the effective
date of the amendment, and the borrower's right to discontinue
use of the plan and avoid the increased rate]:

(I)  A CLEAR STATEMENT COMPARING THE ORIGINAL
TERMS AND THE TERMS UNDER THE AMENDED AGREEMENT; AND

(II)  ANY OTHER PERTINENT INFORMATION
CONTEMPLATED REQUIRED BY THE PROVISIONS OF THIS SECTION.

(2) If the amendment has the effect of increasing the
interest, finance charges, or other charges to be paid by the
borrower, the amendment shall become effective [only if the
borrower uses the plan after a date specified in the notice that
is at least 15 days after the giving of the notice by making a
purchase, obtaining a loan, or by indicating to the credit
grantor in writing the borrower's express agreement to the
amendment. Any amendment may become effective as to a particular
borrower on the first day of the billing period during which the
borrower used the borrower's account or indicated agreement to
the amendment] AS PROVIDED IN SUBSECTIONS (C) AND (D) OF THIS
SECTION.

[(3) Any borrower who fails to use the account or to
indicate agreement to an amendment shall be permitted to pay the
outstanding unpaid indebtedness in the account under the plan in
accordance with the terms of the agreement governing the plan
without giving effect to the amendment.]

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