Maryland Code, COMMERCIAL LAW 12-904
Terms Used In Maryland Code, COMMERCIAL LAW 12-904
- Grantor: The person who establishes a trust and places property into it.
- including: means includes or including by way of illustration and not by way of limitation. See
- Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
(1) Is made readily available to and verifiable by the borrower;
(2) Is beyond the control of the credit grantor; and
(3) May be within the control of the borrower.
(b) The periodic percentage rate, as varied, may be made applicable to all outstanding unpaid indebtedness on or after the effective date of the variation, including any indebtedness arising out of purchases made or loans obtained prior to the variation.
(c) The periodic percentage rate, as varied, may not exceed the maximum rate permitted pursuant to § 12-903(a)(1) of this subtitle.
(d) If a formula used under subsection (a)(3) of this section measures credit risk, the periodic percentage rate of interest or finance charges:
(1) Shall be lower for any consumer borrower measured as more creditworthy under the formula; and
(2) If the formula considers delinquency or arrearages, may not be raised unless a consumer borrower is at least 2 months in arrears in payment.