Ch. 603

1995 LAWS OF MARYLAND

B. If the value [of] AT consummation is not stated in the lease,
20 percent or less of the Monrone sticker price for the vehicle; or

2. In the case of a used vehicle, a nominal consideration of 20
percent or less of the wholesale value of the vehicle as shown in the official used car guide
of the National Automobile Dealer's Association (N.A.D.A.), taking into account
accessories and mileage plus any costs incurred by the lessor in repairing and servicing the
vehicle in anticipation of a lease.

(b) "Lease not intended as security" means a lease of a vehicle by an individual
primarily for personal, family, or household purposes for more than 180 consecutive days,
including renewal periods, in which:

(1)     The lessee may return the. motor vehicle at the end of the lease term
with no financial obligations other than payments required under, AND DISCLOSED IN,
the lease for excess wear and tear and excess mileage charges AND FOR
ADMINISTRATION, DISPOSITION, AND SIMILAR COSTS INCURRED AT THE END OF
THE LEASE; and

(2)     The lessee is provided the option to purchase the leased vehicle for:
(i) In the case of a new vehicle, a consideration in excess of:

1.       20 percent of the "value at consummation" of the vehicle as
that term is defined in 12 C.F.R. § 213.2(a)(18); or

2.       If the value [of] AT consummation is not stated in the lease,
20 percent of the Monrone sticker price for the vehicle; or

(ii) In the case of a used vehicle, a consideration in excess of 20
percent of the wholesale value of the vehicle as shown in the official used car guide of the
National Automobile Dealer's Association (N.A.D.A.), taking into account accessories
and mileage plus any costs incurred by the lessor in repairing and servicing the vehicle in
anticipation of a lease.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
January 1, 1996, and shall apply only to leases entered into after that date.

Approved May 25, 1995.

CHAPTER 603
(House Bill 1370)

AN ACT concerning

Maryland Stadium Authority - Ocean City Convention Center Renovation and Expansion

FOR the purpose of authorizing the Maryland Stadium Authority to provide for the
renovation and expansion of the Ocean City Convention Center; altering the
Authority's powers; providing that certain lease payments to the Authority

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