§ 11-401. Definitions
West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2023
Effective: July 1, 2023
MD Code, Financial Institutions, § 11-401
§ 11-401. Definitions
(b) “Agreement” means an installment sale agreement, a renewed or extended installment sale agreement, and any renewal, extension, or refund agreement made in connection with an installment sale agreement.
(c)(1) “Buyer” means a person who buys or leases goods under an installment sale agreement, even though the person has entered into one or more renewal, extension, or refund agreements.
(d)(1) “Collateral security” means any security interest in, encumbrance on, or pledge of property or goods that is given to secure performance of an obligation of a buyer or a surety for a buyer under an agreement.
(e)(1) “Control person” means a person who has the power, directly or indirectly, to direct the management or policies of a licensee or license applicant, whether through ownership of securities, by contract, or otherwise.
(g)(1) “Installment sale agreement” means a contract for the retail sale of consumer goods, negotiated or entered into in this State, under which:
(h) “License” means a license issued in any form by the Commissioner under this subtitle to do business as a sales finance company, including as provided for through NMLS.
(i) “Licensed location” means any location listed by the licensee in NMLS in accordance with this subtitle.
(j) “Licensed name” means:
(k) “Licensee” means a person licensed under this subtitle to do business as a sales finance company.
(l) “Person” includes an individual, corporation, business trust, statutory trust, estate, trust, partnership, association, two or more persons having a joint or common interest, or any other legal or commercial entity.
(m) “Retail sale” means the sale of goods for use or consumption by the buyer or for the benefit or satisfaction that the buyer may derive from the use or consumption of the goods by another, but not for resale by the buyer.
(n) “Sales finance company” means a person who is engaged, whether by purchase, discount, pledge, loan, or otherwise, in the business of acquiring, investing in, or lending money or credit on the security of any interest in:
(o) “Security interest” has the meaning stated in § 1-201(37) of the Commercial Law Article.
(p) “Seller” means a person who sells or leases or agrees to sell or lease goods under an installment sale agreement.
Credits
Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1984, c. 612; Acts 1986, c. 677; Acts 1992, c. 26, § 2; Acts 1996, c. 326, §§ 2, 3, eff. July 1, 1996. Amended by Acts 2010, c. 611, § 2, eff. June 1, 2010; Acts 2017, c. 253, § 1, eff. July 1, 2017; Acts 2021, c. 101, § 2, eff. Oct. 1, 2021; Acts 2023, c. 567, § 1, eff. July 1, 2023.
MD Code, Financial Institutions, § 11-401, MD FIN INST § 11-401
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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