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§ 12-913.1. Election and applicable laws

West's Annotated Code of MarylandCommercial LawEffective: July 1, 2023

West's Annotated Code of Maryland
Commercial Law
Title 12. Credit Regulations
Subtitle 9. Credit Grantor Revolving Credit Provisions (Refs & Annos)
Effective: July 1, 2023
MD Code, Commercial Law, § 12-913.1
§ 12-913.1. Election and applicable laws
Currentness
(a)(1) On or after October 1, 1993, a credit grantor may at its option elect to offer a plan to any borrower either pursuant to this subtitle or as otherwise permitted by applicable law.
(2) In order for a plan to be established under and governed by this subtitle, a credit grantor shall make a written election to that effect in the agreement governing the plan.
(b)(1) If a credit grantor elects in accordance with this section to establish a plan under this subtitle, the provisions of Subtitle 1, 3, 4, 5, 6, or 10 of this title do not apply to the plan.
(2) If a person fails to elect in accordance with this section to establish a plan under this subtitle, the provisions of this subtitle do not apply.
(c) Notwithstanding any other provision of this title, a loan shall be subject to the provisions of this subtitle, whether or not elected, if the loan:
(1) Is a shared appreciation agreement; and
(2) Allows the borrower to repay advances and have any repaid amounts subsequently readvanced to the borrower.

Credits

Added by Acts 1993, c. 404, § 2, eff. Oct. 1, 1993. Amended by Acts 2023, c. 568, § 1, eff. July 1, 2023.
MD Code, Commercial Law, § 12-913.1, MD COML § 12-913.1
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.
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