WILLIAM DONALD SCHAEFER, Governor                         S.B. 329

(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.

(C)     WRITTEN ACKNOWLEDGMENT BY A BORROWER OF DELIVERY IN
ACCORDANCE WITH THIS SECTION OF A COPY OF THE AGREEMENT GOVERNING
THE PLAN IS CONCLUSIVE PROOF OF DELIVERY AS BETWEEN THE BORROWER AND
ANY ASSIGNEE OF THE ACCOUNT ESTABLISHED UNDER THE PLAN WITHOUT
ACTUAL KNOWLEDGE TO THE CONTRARY.

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)] (A) 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)](B) 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.

12-916.

(a)     If a written complaint for violation of any provision of this subtitle,
INCLUDING THE DISCLOSURE REQUIREMENTS OF THIS SUBTITLE AND THE
FEDERAL TRUTH-IN-LENDING ACT AND REGULATIONS PROMULGATED
THEREUNDER, or any other law of this State that regulates loans or other extensions of
credit is filed with the Commissioner of Consumer Credit, the Commissioner may
investigate the complaint and hold a hearing on it in accordance with § 11-413 of the
Financial Institutions Article.

(b)     (1) The Commissioner shall give to the credit grantor against whom a
complaint is filed at least 10 days' written notice of the complaint and the time and place
of any hearing. The notice shall be in writing and sent by registered or certified mail to
the credit grantor's principal place of business.

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