§ 12-620. Prepayments
West's Annotated Code of MarylandCommercial Law
MD Code, Commercial Law, § 12-620
§ 12-620. Prepayments
(a) Notwithstanding the provisions of § 12-601(k) of this subtitle and any provision of an installment sale agreement to the contrary, a buyer may prepay at any time, without penalty, all or any part of the unpaid time balance payable under the installment sale agreement if such agreement is for the retail sale of personal property purchased primarily for personal, family, or household purposes, regardless of the original price of that personal property.
(b)(1) Except as provided in paragraph (2) of this subsection, if the buyer pays the time balance in full before maturity, the holder immediately shall refund to him a portion of the finance charge. The amount of the refund shall be calculated by the actuarial method based on the original schedule of payments.
Credits
Added by Acts 1975, c. 49, § 3, eff. July 1, 1975. Amended by Acts 1980, c. 465; Acts 1984, c. 612; Acts 1995, c. 3, § 22, eff. March 7, 1995.
Formerly Art. 83, § 138.
MD Code, Commercial Law, § 12-620, MD COML § 12-620
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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