Ch. 404

1993 LAWS OF MARYLAND

Article -Tax - General

11-225.

(A)     IN THIS SECTION, "COMPUTER PROGRAM" MEANS A SET OF STATEMENTS ,
OR INSTRUCTIONS TO BE USED DIRECTLY OR INDIRECTLY IN A COMPUTER IN
ORDER TO BRING ABOUT A CERTAIN RESULT.                                                     

(B)     THE SALES AND USE TAX DOES NOT APPLY TO A SALE OF A COMPUTER
PROGRAM THAT IS LEGALLY PERMITTED TO BE AND IS INTENDED TO BE:

(1)      REPRODUCED FOR SALE; OR

(2)      INCORPORATED IN WHOLE OR IN PART INTO ANOTHER COMPUTER
PROGRAM INTENDED FOR SALE.                                                                       

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1993.

Approved May 27, 1993.

CHAPTER 404
(House Bill 424)

AN ACT concerning

Credit Regulation - Choice of Law and Consumer Protection Provisions

FOR the purpose of specifying that certain provisions relating to credit and lending in
this State do not apply on a retroactive basis to certain credit grantors who have
elected to operate under the Credit Deregulation Act on or before a certain date;
providing that a credit grantor that wishes to extend credit under the Credit
Deregulation Act must make a certain election in a certain manner; providing for
the effect of the failure of a credit grantor to make a valid election; requiring the
credit grantor to furnish a copy of the agreement governing the extension of credit
to the borrower in a certain manner; permitting the Commissioner of Consumer
Credit and the Bank Commissioner to order certain refunds under certain
circumstances; providing for the disposal or retention of certain repossessed
property under certain circumstances and its effect on the obligation of a consumer
borrower; transferring certain provisions relating to loan commitments relating to
certain secured loans; prohibiting a credit grantor from requiring a consumer
borrower to characterize certain loans as commercial loans; prohibiting an
agreement governing an extension of credit made under the Act from containing
certain provisions; providing certain payments shall be treated in a certain manner
by the credit grantor; requiring the credit grantor to provide a consumer borrower
with a release in a certain manner under certain circumstances; providing for
certain limitations on refinancing; providing for certain disclosures to be made to
consumer borrowers; providing that certain escrow accounts shall be maintained
and used by certain credit grantors in a certain manner; providing for refunds from

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