§ 14-2701. Definitions
West's Annotated Code of MarylandCommercial Law
MD Code, Commercial Law, § 14-2701
§ 14-2701. Definitions
(e)(1) “Early termination cost” means any expense or obligation that a motorized wheelchair lessor incurs as a result of both the termination of a written lease before the termination date set forth in that lease and the return of a motorized wheelchair to a manufacturer under § 14-2703(c)(3) of this subtitle.
(f)(1) “Early termination savings” means any expense or obligation that a motorized wheelchair lessor avoids as a result of both the termination of a written lease before the termination date set forth in that lease and the return of a motorized wheelchair to a manufacturer under § 14-2703(c)(3) of this subtitle.
(2) Early termination savings includes an interest charge that the motorized wheelchair lessor would have paid to finance the motorized wheelchair or, if the motorized wheelchair lessor does not finance the motorized wheelchair, the difference between the total amount for which the lease obligates the consumer during the period of the lease term remaining after the early termination and the present value of that amount at the date of the early termination.
(k) “Nonconformity” means a condition or defect that substantially impairs the use, value, or safety of a motorized wheelchair or any of its component parts, and that is covered by an express warranty applicable to the motorized wheelchair or to a component of the motorized wheelchair, but does not include a condition or defect that is the result of abuse, neglect, or unauthorized modification or alteration of the motorized wheelchair by a consumer.
Credits
Added by Acts 1994, c. 51, § 1, eff. Oct. 1, 1994. Amended by Acts 1996; Acts 2000, c. 94, § 1, eff. Oct. 1, 2000.
MD Code, Commercial Law, § 14-2701, MD COML § 14-2701
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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