§ 12-505.1. Refinancing closed end accounts
West's Annotated Code of MarylandCommercial Law
MD Code, Commercial Law, § 12-505.1
§ 12-505.1. Refinancing closed end accounts
Any closed end account made prior to July 1, 1982 which is refinanced at a higher rate pursuant to § 12-505(a)(3) of this subtitle must comply with the following requirements:
If you do agree to consolidate your existing account, you will be paying an annual percentage rate of.....on the existing net balance of $........, instead of the rate of ....... which you are now paying.
Schedule of Monthly Payments
Separate Account Agreements | Consolidated Account Agreement |
$...... per month for | $...... per month for |
the next ..... months | the next .... months |
then | |
$.... per month for | |
..... months after that |
Separate Account Agreements | Consolidated Account Agreement |
$..... total of | $..... total of payments |
payments for your | for your consolidated |
existing account | account |
.... total of payments | |
for your new account |
(2) The holder must allow the buyer the choice of repaying his existing account balance at the originally agreed upon rate and obtaining any additional extension of credit as a separate account, notwithstanding any law which limits the holder's ability to establish more than 1 account for the same buyer;
Credits
Added by Acts 1982, c. 753, § 1, eff. July 1, 1982.
MD Code, Commercial Law, § 12-505.1, MD COML § 12-505.1
Current through legislation effective through July 1, 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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