S.B. 329

VETOES

(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.

(c)     Notwithstanding any other provisions of this title, a plan 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.

12-1013.

(a)     The provisions of any other law of this State limiting the rate or amount of
interest, discount, points, finance charges, service charges, fines, fees, commissions, costs,
expenses, or other charges which may be charged, taken, collected, received, or reserved
[shall] DO not apply to extensions of credit made in accordance with 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, NOTE, OR OTHER EVIDENCE OF THE EXTENSION OF CLOSED END
CREDIT, THE PROVISIONS OF SUBTITLE 1, 3, 4, 5, 6, OR 9 OF THIS TITLE DO NOT APPLY
TO AN EXTENSION OF CLOSED END CREDIT IF:

(I)      THE AGREEMENT, NOTE, OR OTHER EVIDENCE OF THE
EXTENSION OF CREDIT IS MADE BEFORE OCTOBER 1, 19.93; 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, NOTE, OR OTHER EVIDENCE OF THE EXTENSION OF
CREDIT; OR

(II)     THE AGREEMENT, NOTE, OR OTHER EVIDENCE OF THE
EXTENSION OF CREDIT IS MADE PURSUANT TO THE PROVISIONS OF THIS SUBTITLE.

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