§ 12-913.1
184 words·~1 min read·
/md/commercial-law/12-913-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§12–913.1.
(1)On or after October 1, 1993, a credit grantor may at its option elect to offer a plan to any borrower either pursuant to this subtitle or as otherwise permitted by applicable law.
(2)In order for a plan to be established under and governed by this subtitle, a credit grantor shall make a written election to that effect in the agreement governing the plan.
(1)If a credit grantor elects in accordance with this section to establish a plan under this subtitle, the provisions of Subtitle 1, 3, 4, 5, 6, or 10 of this title do not apply to the plan.
(2)If a person fails to elect in accordance with this section to establish a plan under this subtitle, the provisions of this subtitle do not apply.
(c)Notwithstanding any other provision of this title, a loan shall be subject to the provisions of this subtitle, whether or not elected, if the loan:
(1)Is a shared appreciation agreement; and
(2)Allows the borrower to repay advances and have any repaid amounts subsequently readvanced to the borrower.