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§ 12-1108. New agreements

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, § 12-1108
§ 12-1108. New agreements
Currentness
(a) When a rental-purchase agreement is satisfied and replaced by a new rental-purchase agreement between the lessor and consumer, the lessor and consumer shall negotiate a new rental-purchase agreement requiring new disclosures.
(b) The following do not require the negotiation of a new rental-purchase agreement:
(1) The addition or return of rental property under a multiple-item agreement or the substitution of the rental property, if in either case the average payment allocable to a payment period is not changed by more than 25 percent;
(2) A deferral or extension of 1 or more rental payments, or portions of a rental payment;
(3) A reduction in charges in the rental-purchase agreement; or
(4) A rental-purchase agreement involved in a court proceeding.

Credits

Added by Acts 1989, c. 620, § 1, eff. Sept. 1, 1989.
MD Code, Commercial Law, § 12-1108, MD COML § 12-1108
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.
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