Ch. 5

1993 LAWS OF MARYLAND

DRAFTER'S NOTE:

Error: Extraneous subsection designation in § 6-103 of the Commercial Law
Article.

Occurred: Ch. 49, Acts of 1975.

11-905.

(c) Any person who violates the provisions of this section, or any regulation
adopted to implement the provisions of this section, is subject to a fine not exceeding $50,
in an action in [any] THE District Court in the State OF MARYLAND.

DRAFTER'S NOTE:

Error: Incorrect terminology in § 11-905(c) of the Commercial Law Article.

Occurred: Ch. 287, Acts of 1988.

12-118.

A lender may not enter into a loan agreement, providing for an initial interest rate
pursuant to § 12-103(a) and (c), § 12-306, or § 12-404 of this title or Section 6-507 of the
Financial Institutions Article, which contains a provision that permits the lender to
increase or decrease the applicable rate of interest or finance charges from time to time
during the term of the obligation, unless:

(3)     Interest rate decreases warranted by decreases in the agreed upon index
shall be mandatory except to the extent that past increases in the index have not been
implemented by the lender, either at-his option or because the lender was subject to the
rate change limitation of paragraph (2) of this section[.];

(4)     The loan instrument shall specify the circumstances under which the
rate may increase or decrease, any limitations on an increase or decrease, and the effects
of an increase or decrease[.];

DRAFTER'S NOTE:

Error: Incorrect punctuation in § 12-118(3) and (4) of the Commercial Law
Article.

Occurred: Ch. 753, Acts of 1982. Correction by the Michie Company in the
1992 Cumulative Supplement to the 1990 Replacement Volume of the
Commercial Law Article is validated by this Act.

12-614.

(b) A holder may charge the buyer the following charges or fees:

(1) Subject to the provisions of § 12-630 OF THIS SUBTITLE, the time
balance of an installment sale agreement;

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