§ 12-901. Definitions
West's Annotated Code of MarylandCommercial LawEffective: July 1, 2023
Effective: July 1, 2023
MD Code, Commercial Law, § 12-901
§ 12-901. Definitions
(d) “Consumer borrower” means an individual receiving a loan or other extension of credit under this subtitle for personal, household, or family purposes or an individual receiving a commercial loan or other extension of credit for any commercial purpose not in excess of $75,000, secured by residential real property.
(f)(1) “Credit grantor” means any individual, corporation, business trust, statutory trust, estate, trust, partnership, association, two or more persons having a joint or common interest, or any other legal or commercial entity making a loan or other extension of credit under this subtitle which is incorporated, chartered, or licensed pursuant to State or federal law, the lending operations of which are subject to supervision, examination, and regulation by a State or federal agency or which is licensed under Title 12, Subtitle 4 of the Financial Institutions Article or is a retailer.
(ii) Any subsidiary of a bank holding company, as defined in the federal Bank Holding Company Act of 1956,1 as amended, which is domiciled, doing business, and offering a revolving credit plan involving the issuance of credit devices in this State; and
(j)(1) “Outstanding unpaid indebtedness” means on any day the total amount of purchases and loans charged to the borrower's account under the plan which is outstanding and unpaid at the end of the day, after adding the aggregate amount of any new purchases and loans charged to the account that day and deducting the aggregate amount of any payments and credits applied to the account that day.
Credits
Added by Acts 1983, c. 143, § 1, eff. July 1, 1983. Amended by Acts 1984, c. 255; Acts 1985, c. 115; Acts 1990, c. 458; Acts 1993, c. 5, § 1; Acts 1993, c. 404, § 2; Acts 1995, c. 213, § 2, eff. Sept. 29, 1995; Acts 2010, c. 611, § 2, eff. June 1, 2010; Acts 2020, c. 48, § 1, eff. Oct. 1, 2020; Acts 2020, c. 49, § 1, eff. Oct. 1, 2020; Acts 2023, c. 568, § 1, eff. July 1, 2023.
Footnotes
May 9, 1956, ch. 240, 70 Stat. 133, codified at 12 U.S.C.A. § 1841 et seq.
MD Code, Commercial Law, § 12-901, MD COML § 12-901
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document |