Maryland Code, COMMERCIAL LAW 12-505.2
Current as of: 2023 | Check for updates
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Terms Used In Maryland Code, COMMERCIAL LAW 12-505.2
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
A seller or holder may not enter into a closed end retail credit account agreement, providing for an initial rate of finance charge pursuant to § 12-505(a)(3) of this subtitle, which contains a provision that permits the seller or holder to increase or decrease the applicable rate of finance charge from time to time during the term of the account.