Ch. 404

1993 LAWS OF MARYLAND

(2) IN ORDER TO MAKE A LOAN UNDER THIS SUBTITLE, A CREDIT
GRANTOR SHALL MAKE A WRITTEN ELECTION TO THAT EFFECT IN THE
AGREEMENT, NOTE, OR OTHER EVIDENCE OF THE LOAN.

(B)     (1) IF A. CREDIT GRANTOR ELECTS IN ACCORDANCE WITH THIS
SECTION TO MAKE A LOAN UNDER THIS SUBTITLE, THE PROVISIONS OF SUBTITLE 1,
3, 4, 5, 6, OR 9 OF THIS TITLE DO NOT APPLY TO THE LOAN.                       

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

12-1013.2.

(A) (1) EXCEPT AS PROVIDED UNDER PARAGRAPH (2) OF THIS SUBSECTION,
THE CREDIT GRANTOR SHALL DELIVER A COPY OF THE AGREEMENT, NOTE, OR
OTHER EVIDENCE OF THE LOAN TO THE BORROWER NO LATER THAN THE TIME OF
CONSUMMATION OF THE LOAN.

(2) IF CONSUMMATION OF THE LOAN DOES NOT OCCUR IN A
FACE-TO-FACE TRANSACTION BETWEEN THE CREDIT GRANTOR AND THE
BORROWER, THE CREDIT GRANTOR MAY DELAY DELIVERING A COPY OF THE
AGREEMENT, NOTE, OR OTHER EVIDENCE OF THE LOAN TO THE BORROWER UNTIL
THE DUE DATE OF THE FIRST PAYMENT.

. (B) IF THERE IS MORE THAN ONE BORROWER, A COPY OF THE AGREEMENT,
NOTE, OR OTHER EVIDENCE OF THE LOAN MAY BE DELIVERED TO ANY BORROWER
WHO IS PRIMARILY LIABLE ON THE LOAN.

(C)     WRITTEN ACKNOWLEDGMENT BY A BORROWER OF DELIVERY MADE IN
ACCORDANCE WITH THIS SECTION OF A COPY OF THE AGREEMENT, NOTE, OR
OTHER EVIDENCE OF THE LOAN IS CONCLUSIVE PROOF OF THE DELIVERY AS
BETWEEN THE BORROWER AND ANY ASSIGNEE OF THE AGREEMENT, NOTE, OR
OTHER EVIDENCE OF THE LOAN WITHOUT ACTUAL KNOWLEDGE TO THE
CONTRARY.

12-1014.         

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

[(b)](A) 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)](B) 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 and regulations promulgated thereunder.

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