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S.B. 482
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VETOES
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For the above reasons, I have vetoed Senate Bill 482.
Sincerely,
Parris N. Glendening
Governor
Senate Bill No. 482
AN ACT concerning
Credit Regulation - Credit Grantor Revolving Credit Provisions -
Amendment of Plan Agreement
FOR the purpose of repealing a requirement that a credit grantor give a certain notice
to a borrower when the credit grantor amends an agreement governing a
revolving credit plan if the amendment has the effect of altering the manner of
computing certain fees and charges; repealing a requirement that the credit
grantor send a second notice of an a certain amendment of a plan agreement to
the borrower; repealing a requirement that a certain notice be sent in a certain
manner; altering a requirement that a certain statement in a certain notice be
in a certain point type; repealing a requirement that the Commissioner of
Financial Regulation approve the form of a certain notice; repealing the
limitation that certain procedures for amending a plan agreement do not apply
to extensions of credit secured by real property; providing for the application of
this Act; and generally relating to amendments by credit grantors of agreements
governing revolving credit plans.
BY repealing and reenacting, with amendments,
Article - Commercial Law
Section 12-912
Annotated Code of Maryland
(2000 Replacement Volume and 2001 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Commercial Law
12-912.
(a) A credit grantor may, if the agreement governing a revolving credit plan
permits, at any time amend the terms of the agreement in accordance with the
provisions of this section including:
(1) The terms governing the periodic percentage rate used to calculate
interest or finance charges;
(2) The method of computing the outstanding unpaid indebtedness to
which the rate is applied;
(3) The amounts of other charges; and
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- 4628 -
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