Ch. 404

1993 LAWS OF MARYLAND

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

Article - Commercial Law

12-913.

(a)     The provisions of any other law of this State limiting the rate or amount of
interest, discounts, points, finance charges, service charges, fees, fines, commissions,
costs, expenses, or other charges which may be charged, taken, collected, received, or
reserved [may] DO not apply to extensions of credit under a revolving credit plan under
this subtitle.

(b)      [To] NOTWITHSTANDING SUBSECTIONS (A) AND (C) OF THIS SECTION, TO
the extent applicable, a credit grantor shall comply with § 12-125 of this title.

(C) (1) UNLESS OTHERWISE PROVIDED UNDER THE EXPRESS TERMS OF
THE AGREEMENT GOVERNING A REVOLVING CREDIT PLAN, THE PROVISIONS OF
SUBTITLE 1, 3, 4, 5, 6, OR 10 OF THIS TITLE DO NOT APPLY TO ANY EXTENSION OF
CREDIT MADE PURSUANT TO A REVOLVING CREDIT PLAN IF:

(I)      THE PLAN IS ESTABLISHED BEFORE OCTOBER 1, 1993; AND

(II)     THE EXTENSION OF CREDIT IS MADE UNDER THIS SUBTITLE
BEFORE OCTOBER 1, 1993.

(2)      FOR THE PURPOSES OF PARAGRAPH (1) OF THIS .SUBSECTION, AN
EXTENSION OF CREDIT IS MADE UNDER THIS SUBTITLE IF:

(I)      THE CREDIT GRANTOR HAS MADE A WRITTEN ELECTION TO
DO SO IN THE AGREEMENT GOVERNING THE PLAN; OR

(II)     THE AGREEMENT GOVERNING THE PLAN IS OFFERED
PURSUANT TO THE PROVISIONS OF THIS SUBTITLE.

(3)      FOR THE PURPOSES OF PARAGRAPH (1) OF THIS SUBSECTION, IF
THERE IS NO WRITTEN ELECTION TO EXTEND CREDIT UNDER THIS SUBTITLE IN THE
AGREEMENT GOVERNING THE PLAN, THE BURDEN OF PROOF IS ON THE CREDIT
GRANTOR TO SHOW THE AGREEMENT GOVERNING THE PLAN WAS OFFERED
PURSUANT TO THIS SUBTITLE.

(4)     ANY PLAN ESTABLISHED BEFORE OCTOBER 1, 1993 IS NOT SUBJECT
TO § 12-913.2 OF THIS SUBTITLE.

12-914.

(a)     Notwithstanding any other provisions of this title, a credit grantor may at its
option offer a plan to any borrower either pursuant to this subtitle or as otherwise
permitted by applicable law.

(b)     If any provision of this subtitle is held invalid, the invalidity shall not affect
any other provision of this subtitle which can be given effect without the invalid provision.

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