§ 14-1302. Consumer credit contracts
West's Annotated Code of MarylandCommercial Law
MD Code, Commercial Law, § 14-1302
§ 14-1302. Consumer credit contracts
(11) “Purchase money loan” means a cash advance which is received by a consumer in return for a “finance charge” within the meaning of the Truth in Lending Act1 and Regulation Z, which is applied, in whole or substantial part, to a purchase of goods or services from a seller who (i) refers consumers to the creditor or (ii) is affiliated with the creditor by common control, contract, or business arrangement.
NOTICE
Any holder of this consumer credit contract is subject to all claims and defenses which the debtor could assert against the seller of goods or services obtained pursuant hereto or with the proceeds hereof. Recovery hereunder by the debtor shall not exceed amounts paid by the debtor hereunder.
Or,
NOTICE
Any holder of this consumer credit contract is subject to all claims and defenses which the debtor could assert against the seller of goods or services obtained with the proceeds hereof. Recovery hereunder by the debtor shall not exceed amounts paid by the debtor hereunder.
Credits
Added by Acts 1977, c. 376, §§ 1, 2. Amended by Acts 1978, c. 266; Acts 1978 c. 673, § 2; Acts 1982, c. 753; Acts 1992, c. 22, § 1; Acts 2013, c. 43, § 5.
Footnotes
Pub.L. 90-321, Title I, May 29, 1968, 82 Stat. 146, codified at 15 U.S.C.A. § 1601 et seq.
MD Code, Commercial Law, § 14-1302, MD COML § 14-1302
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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