Home Table of Contents

§ 12-1102. Effect and application

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 12. Credit Regulations
Subtitle 11. Maryland Rental-Purchase Agreement Act (Refs & Annos)
MD Code, Commercial Law, § 12-1102
§ 12-1102. Effect and application
Currentness
(a) A rental-purchase agreement that complies with this subtitle may not be deemed to be:
(1) A “retail sale”, as defined in § 12-601(s) of this title;
(2) An “installment sale agreement”, as defined in § 12-601(m) of this title; or
(3) A “security interest”, as defined in § 1-201(37) of this article.
(b) This subtitle does not apply to:
(1) A rental-purchase agreement made primarily for business, commercial, or agricultural purposes, or made with governmental agencies, instrumentalities, or organizations;
(2) A rental of a safe deposit box;
(3) A lease or bailment of personal property that:
(i) Is incidental to the rental of real property; and
(ii) Provides that the consumer has no option to purchase the rented real property; or
(4) A lease of an automobile.

Credits

Added by Acts 1989, c. 620, § 1, eff. Sept. 1, 1989. Amended by Acts 1995, c. 3, § 22, eff. March 7, 1995.
MD Code, Commercial Law, § 12-1102, MD COML § 12-1102
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.
End of Document