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PARRIS N. GLENDENING, Governor
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S.B. 493
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under this subsection shall include in the notice of amendment a statement that the
amendment will become effective on the first date of the billing cycle during which the
borrower:
(i) Makes a purchase or obtains a loan under the plan, so long as
the purchase is made or the loan is obtained after a specific date which is at least 25
days after the mailing of the notice of amendment; or
(ii) Sends a notice of agreement to the credit grantor in which the
borrower expressly agrees to the amendment.
(3) A borrower who receives a notice of amendment under this subsection
may pay any outstanding unpaid indebtedness in the account under the terms of the
unamended agreement governing the plan if the borrower does not:
(i) Make any purchase or obtain any loan under the plan after the
date specified in the notice of amendment; or
(ii) Send a notice of agreement to the credit grantor in which the
borrower expressly agrees to the amendment.
(e) If the terms of the agreement governing the plan, as originally drawn or as
amended provide, any amendment may, on and after the date on which it becomes
effective as to a particular borrower, apply to all then outstanding unpaid
indebtedness in the borrower's account under the plan, including any indebtedness
which shall have arisen out of purchases made or loans obtained prior to the effective
date of the amendment.
(f) For purposes of this section, a decrease in the required amount of
scheduled payments shall not be deemed an amendment which has the effect of
increasing the interest or finance charges to be paid by the borrower.
(g) The procedures for amendment by a credit grantor of the terms of a plan to
which a nonconsumer borrower is a party may, notwithstanding the provisions of this
section, be as the agreement governing the plan may otherwise provide.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall apply to
amendments made on or after the effective date of this Act to agreements governing
revolving credit plans in existence on or established after the effective date of this Act.
SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2002.
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May 16, 2002
The Honorable Thomas V. Mike Miller, Jr.
President of the Senate
State House
Annapolis MD 21401
Dear Mr. President:
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- 4631 -
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