Maryland Code, COMMERCIAL LAW 12-906
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Terms Used In Maryland Code, COMMERCIAL LAW 12-906
- 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
(a) If the agreement governing a revolving credit plan permitting the borrower to obtain both loans and purchases so provides, a credit grantor may impose different terms on the indebtedness arising out of purchases than to the indebtedness arising out of loans.
(b) Subsection (a) of this section applies to all terms, including:
(1) The terms governing the periodic percentage rate used to calculate interest or finance charges;
(2) The method of computing the outstanding unpaid indebtedness to which the periodic percentage rate is applied;
(3) The amounts of other charges; and
(4) The applicable repayment schedule.