WILLIAM DONALD SCHAEFER, Governor                         S.B. 329

Article - Commercial Law

Section 12-901(k) and (1), 12-913.1, 12-913.2, 12-921(1), 12-922 through 12-924,
12-1001(j) and (k), 12-1013.1, 12-1013.2, 12-1021(1), and 12-1022 through
12-1028

Annotated Code of Maryland

(1990 Replacement Volume and 1992 Supplement)

BY repealing and reenacting, with amendments,
Article - Commercial Law
Section 12-901(d), 12-914, 12-916, 12-918, 12-921(j)(l), 12-1001(d) and (h),

12-1002, 12-1010, 12-1016, 12-1018, and 12-1021(j)
Annotated Code of Maryland
(1990 Replacement Volume and 1992 Supplement)

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.

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