Ch. 404                                     1993 LAWS OF MARYLAND

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

(c)     Notwithstanding any provisions of this title, a loan under this subtitle is
subject only to the disclosure requirements of this subtitle, and, to the extent applicable,
of the federal [Truth in Lending Act] TRUTH-IN-LENDING ACT and regulations
promulgated thereunder.

SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:

Article - Commercial Law

12-901.

(d)     "Consumer borrower" means an individual receiving a loan or other extension
of credit under this subtitle for personal, household, or family purposes or an individual
receiving a commercial loan or other extension of credit for any commercial purpose not
in excess of $75,000, secured by [owner-occupied real property having a dwelling on it
designated principally as a residence with accommodations for not more than 4 families]
RESIDENTIAL REAL PROPERTY.

(K) "COMMERCIAL LOAN" AND "EXTENSION OF CREDIT FOR A COMMERCIAL
PURPOSE" MEAN AN EXTENSION OF CREDIT MADE:

(1)      SOLELY TO ACQUIRE AN INTEREST IN OR TO CARRY ON A BUSINESS
OR COMMERCIAL ENTERPRISE; OR

(2)      TO ANY BUSINESS OR COMMERCIAL ORGANIZATION.

(L) "RESIDENTIAL REAL PROPERTY" MEANS OWNER-OCCUPIED REAL
PROPERTY HAVING A DWELLING ON IT DESIGNATED PRINCIPALLY AS A RESIDENCE
WITH ACCOMMODATIONS FOR NOT MORE THAN FOUR FAMILIES.

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 do not apply to extensions of credit under a revolving credit plan under this
subtitle.

(b) 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)] (A) 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)] (1) The plan is established before October 1, 1993; and

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