Ch. 740                                    1994 LAWS OF MARYLAND

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1994.

Approved May 26, 1994.

CHAPTER 740
(House Bill 1465)

AN ACT concerning

Credit Regulation - Credit Grantors Home Improvement Contractors - Licensing

Requirements

FOR the purpose of clarifying the licensing requirements under certain revolving and
closed end credit provisions; altering the circumstances under which certain credit
grantors home improvement contractors are required to obtain a license under the
installment loan licensing law and the mortgage lender law when making a loan or
extending credit under a revolving or closed end credit plan; altering a certain
exemption from the installment loan licensing law; imposing a certain disclosure
requirement in connection with certain home improvement contracts; authorizing
recovery from the Home Improvement Guaranty Fund for actual damages arising from
a failure to give a specified notice in a home improvement contract; providing that
certain sellers of goods or services or both home improvement contractors extending
credit under the revolving or closed end credit laws may not be held in violation of
certain licensing laws and that certain contracts by the sellers home improvement
contractors may not be deemed unenforceable under certain circumstances; and
generally relating to the licensing of certain credit grantors home improvement
contractors making loans or extending credit under revolving or closed end credit
plans.

BY repealing and reenacting, with amendments,
Article - Business Regulation
Section 8-405(a), 8-501(c), 8-607, and 8-620
Annotated Code of Maryland
(1992 Volume and 1993 Supplement)

BY repealing and reenacting, with amendments,
Article - Commercial Law
Section 12-915 and 12-1015
Annotated Code of Maryland
(1990 Replacement Volume and 1993 Supplement)

BY repealing and reenacting, with amendments,
Article - Financial Institutions
Section 11-301(b)

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