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S.B. 340
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VETOES
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Senate Bill No. 340
AN ACT concerning
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Commercial Law - Revolving Credit Plans - Access to Home Equity Credit
Through Use of Credit Device
FOR the purpose of repealing a certain provision of law that prohibits a revolving
credit plan from being secured by a lien on residential real property under
certain circumstances.
BY repealing and reenacting, with amendments,
Article - Commercial Law
Section 12-902
Annotated Code of Maryland
(1990 Replacement Volume and 1999 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Commercial Law
12-902.
(a) Any credit grantor may, subject to the other provisions of this subtitle:
(1) Offer and extend credit under a revolving credit plan to a borrower
and in that connection charge and collect the interest, finance charges, and other
charges permitted by this subtitle;
(2) (i) Take any security as collateral as may be acceptable to the
credit grantor.
(ii) If real property is taken as security, the credit grantor shall
record the entire line of credit when the credit plan is established.
(b) Without limiting subsection (a) of this section, credit may be extended
under a revolving credit plan by a credit grantor's acquisition of obligations arising
out of the honoring of a credit device made available to a borrower under a plan,
whether directly or indirectly by means of telephone, point of sale terminal,
automated teller machine or other electronic or similar device, or through the mails,
by:
(1) A merchant;
(2) A bank or other financial institution chartered or organized under
the laws of this or any other state, the District of Columbia, the United States or any
district, territory, or possession of the United States, or any foreign country;
(3) Any other person or entity; or
(4) A government or governmental subdivision or agency.
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- 3824 -
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