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§ 12-506.1. Open end accounts, credit balances

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 12. Credit Regulations
Subtitle 5. Retail Credit Accounts (Refs & Annos)
MD Code, Commercial Law, § 12-506.1
§ 12-506.1. Open end accounts, credit balances
Currentness
(a) In this section “credit balance” means a balance on an open end retail credit account which indicates that the buyer has made payments or obtained refunds in excess of charges, resulting in a credit due to the buyer.
(b) If there is a credit balance in excess of $1 on any retail credit account:
(1) The holder shall send to the buyer a monthly statement which indicates the amount of the credit balance; and
(2) If the credit balance remains the same after four consecutive monthly statements, the holder shall send to the buyer a check or money order in the full amount of the credit balance.
(c) The provisions of this section shall apply only to credit balances remaining the same after four consecutive monthly statements for billing periods commencing after July 1, 1975.

Credits

Added by Acts 1975, c. 503, § 1, eff. July 1, 1975.
MD Code, Commercial Law, § 12-506.1, MD COML § 12-506.1
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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