§ 12-610.1. Refinancing consumer goods agreement
West's Annotated Code of MarylandCommercial Law
MD Code, Commercial Law, § 12-610.1
§ 12-610.1. Refinancing consumer goods agreement
Any agreement made before July 1, 1982, which is refinanced at a higher rate allowed by § 12-609(f) or § 12-610(3) of this subtitle must comply with the following requirements:
If you do agree to consolidate your existing obligation, 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 Purchase Agreements | Consolidated Purchase Agreement |
$.... per month for | $.... per month for |
the next .... months | the next .... months |
then | |
$.... per month for | |
.... months after that |
Separate Agreements | Consolidated Agreement |
$.... total of | $.... total of payments |
payments for your | for your consolidated |
existing purchases | purchases |
.... total of payments | |
for your new purchases |
(2) The holder must allow the buyer the choice of repaying his existing purchase balance at the originally agreed upon rate and obtaining any additional extension of credit as a separate agreement, notwithstanding any law which limits the holder's ability to have more than 1 agreement with the same buyer;
Credits
Added by Acts 1982, c. 753, § 1, eff. July 1, 1982. Amended by Acts 1992, c. 22, § 1.
MD Code, Commercial Law, § 12-610.1, MD COML § 12-610.1
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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