WILLIAM DONALD SCHAEFER, Governor                            Ch. 404

[(ii)](2) The extension of credit is made under this subtitle before
October 1, 1993.

[(2)](B) For the purposes of [paragraph (1) of this subsection]
SUBSECTION (A) OF THIS SECTION, an extension of credit is made under this subtitle if:

[(i)] (1) The credit grantor has made a written election to do so in the
agreement governing the plan; or

[(ii)](2) The agreement governing the plan is offered pursuant to the
provisions of this subtitle.

[(3)](C) For the purposes of [paragraph (1) of this subsection]
SUBSECTION (A) OF THIS SECTION, 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)](D) Any plan established before October 1, 1993 is not subject to §
12-913.2 of this subtitle.

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

12-913.1.

(A)     (1) ON OR AFTER OCTOBER 1, 1993, A CREDIT GRANTOR MAY AT ITS
OPTION ELECT TO OFFER A PLAN TO ANY BORROWER EITHER PURSUANT TO THIS
SUBTITLE OR AS OTHERWISE PERMITTED BY APPLICABLE LAW.

(2) IN ORDER FOR A PLAN TO BE ESTABLISHED UNDER AND GOVERNED
BY THIS SUBTITLE, A CREDIT GRANTOR SHALL MAKE A WRITTEN ELECTION TO
THAT EFFECT IN THE AGREEMENT GOVERNING THE PLAN.

(B)      (1) IF A CREDIT GRANTOR ELECTS IN ACCORDANCE WITH THIS
SECTION TO ESTABLISH A PLAN UNDER THIS SUBTITLE, THE PROVISIONS OF
SUBTITLE 1, 3, 4, 5, 6, OR 10 OF THIS TITLE DO NOT APPLY TO THE PLAN.

(2) IF A PERSON FAILS TO ELECT IN ACCORDANCE WITH THIS SECTION
TO ESTABLISH A PLAN UNDER THIS SUBTITLE, THE PROVISIONS OF THIS SUBTITLE
DO NOT APPLY.

12-913.2.

(A)     THE CREDIT GRANTOR SHALL DELIVER A COPY OF THE AGREEMENT
GOVERNING THE PLAN TO THE BORROWER NO LATER THAN 30 DAYS AFTER THE
CREDIT GRANTOR ESTABLISHES THE ACCOUNT GOVERNED BY THE AGREEMENT
FOR THE BORROWER'S USE.

(B)      IF THERE IS MORE THAN ONE BORROWER, A COPY OF THE AGREEMENT
GOVERNING THE PLAN MAY BE DELIVERED TO ANY BORROWER WHO IS PRIMARILY
LIABLE ON THE ACCOUNT.

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