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§ 12-635. Prepayments

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 12. Credit Regulations
Subtitle 6. Retail Installment Sales (Refs & Annos)
Part III. Sales Finance Companies--Renewals, Extensions, or Refunds
MD Code, Commercial Law, § 12-635
§ 12-635. Prepayments
Currentness
(a) A sales finance company shall permit a buyer to prepay in full or in part at any time, without penalty, the outstanding balance payable under a renewal, extension, or refund agreement.
(b) If a buyer prepays the entire outstanding balance, the sales finance company shall pay or credit to him the unearned portion of the charge.

Credits

Added by Acts 1975, c. 49, § 3, eff. July 1, 1975.
Formerly Art. 83, § 161.
MD Code, Commercial Law, § 12-635, MD COML § 12-635
Current through legislation effective through May 9, 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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