§ 12-912. Amending plan agreement
West's Annotated Code of MarylandCommercial Law
MD Code, Commercial Law, § 12-912
§ 12-912. Amending plan agreement
(b)(1) The credit grantor shall notify each affected borrower of an amendment in the manner set forth in the agreement governing the plan and in compliance with the requirements of the federal Truth in Lending Act,1 and regulations promulgated thereunder. If the amendment has the effect of increasing the interest, finance charges, or other fees and charges to be paid by the borrower, including, but not limited to those enumerated in § 12-905 of this subtitle, the credit grantor shall mail or deliver to the borrower, at least 25 days before the effective date of the amendment, a clear and conspicuous written notice which shall describe the amendment, including:
(i) If a written notice of refusal from the borrower in which the borrower refuses to accept the amendment is not received by the credit grantor within 25 days of the mailing of the notice of amendment, the amendment will become effective on the first day of the billing cycle during which the effective date of the amendment occurs or at any later date specified in the notice of amendment;
(2) In addition to the requirements of subsection (b) of this section, a credit grantor electing to amend the agreement governing a revolving credit plan under this subsection shall include in the notice of amendment a statement that the amendment will become effective on the first date of the billing cycle during which the borrower:
(e) If the terms of the agreement governing the plan, as originally drawn or as amended provide, any amendment may, on and after the date on which it becomes effective as to a particular borrower, apply to all then outstanding unpaid indebtedness in the borrower's account under the plan, including any indebtedness which shall have arisen out of purchases made or loans obtained prior to the effective date of the amendment.
Credits
Added by Acts 1983, c. 143, § 1, eff. July 1, 1983. Amended by Acts 1989, c. 651; Acts 1990, c. 6, § 2; Acts 1990, c. 484; Acts 1993, c. 5, § 1; Acts 2003, c. 364, § 1, eff. Oct. 1, 2003; Acts 2013, c. 43, § 5.
Footnotes
Pub.L. 90-321, Title I, May 29, 1968, 82 Stat. 146, codified at 15 U.S.C.A. § 1601 et seq.
MD Code, Commercial Law, § 12-912, MD COML § 12-912
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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