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Ch. 26
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2002 LAWS OF MARYLAND
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1. A PROSPECTIVE INSTALLMENT SALE AGREEMENT;
2. A PURCHASE MONEY SECURITY AGREEMENT;
3. A CONTRACT FOR THE BAILMENT OR LEASING OF A
MOTOR VEHICLE UNDER WHICH THE BAILEE OR LESSEE CONTRACTS TO PAY AS
COMPENSATION A SUM THAT IS SUBSTANTIALLY EQUAL TO OR IS MORE THAN THE
VALUE OF THE MOTOR VEHICLE; AND
4. A RENEWAL, EXTENSION, OR REFUND AGREEMENT.
(4) "LEASE CONTRACT" MEANS A CONTRACT FOR OR IN
CONTEMPLATION OF A LEASE FOR THE USE OF A MOTOR VEHICLE, AND THE
PURCHASE OF SERVICES INCIDENTAL TO THE LEASE, FOR A TERM OF MORE THAN 4
MONTHS.
(5) "LESSOR" MEANS A PERSON WHO LEASES A MOTOR VEHICLE TO
ANOTHER UNDER A LEASE CONTRACT.
(6) "MOTOR VEHICLE" MEANS A VEHICLE FOR WHICH AN OWNER IS
REQUIRED TO OBTAIN A CERTIFICATE OF TITLE UNDER TITLE 13 OF THE
TRANSPORTATION ARTICLE.
(7) "MOTOR VEHICLE AGREEMENT' MEANS A LEASE CONTRACT, DIRECT
LOAN AGREEMENT, INSTALLMENT SALE AGREEMENT, OR SECURITY AGREEMENT.
(8) "SECURED PARTY" MEANS A PERSON WHO HAS A SECURITY
INTEREST IN A VEHICLE.
(9) "SECURITY AGREEMENT" MEANS A WRITTEN AGREEMENT THAT
RESERVES OR CREATES A SECURITY INTEREST.
(10) (I) "SECURITY INTEREST" MEANS AN INTEREST IN A VEHICLE
THAT IS RESERVED OR CREATED BY AGREEMENT AND THAT SECURES PAYMENT OR
PERFORMANCE OF AN OBLIGATION.
(II) "SECURITY INTEREST' INCLUDES THE INTEREST OF A LESSOR
UNDER A LEASE INTENDED AS SECURITY.
(11) (I) "SELLER" MEANS A PERSON WHO SELLS OR LEASES OR AGREES
TO SELL OR LEASE A MOTOR VEHICLE UNDER AN INSTALLMENT SALE AGREEMENT.
(II) "SELLER" INCLUDES A PRESENT HOLDER OF AN INSTALLMENT
SALE AGREEMENT.
(B) PROHIBITED.
A PERSON MAY NOT ENGAGE IN AN ACT OF UNLAWFUL SUBLEASING OF A
MOTOR VEHICLE IN WHICH:
(1) THE MOTOR VEHICLE IS SUBJECT TO A MOTOR VEHICLE
AGREEMENT THE TERMS OF WHICH PROHIBIT THE TRANSFER OR ASSIGNMENT OF A
RIGHT OR INTEREST IN THE MOTOR VEHICLE OR UNDER THE MOTOR VEHICLE
AGREEMENT WITHOUT CONSENT OF THE LESSOR OR SECURED PARTY;
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- 614 -
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