Md. Code, Commercial Law § 12-1108
This is the official text of Md. Code, Commercial Law § 12-1108, part of Maryland’s Code, Commercial Law — governs commercial transactions - Maryland's version of the Uniform Commercial Code.
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§12–1108.
Official statutory text
(a) When a rental-purchase agreement is satisfied and replaced by a new rental-purchase agreement between the lessor and consumer, the lessor and consumer shall negotiate a new rental-purchase agreement requiring new disclosures.
(b) The following do not require the negotiation of a new rental-purchase agreement:
(1) The addition or return of rental property under a multiple-item agreement or the substitution of the rental property, if in either case the average payment allocable to a payment period is not changed by more than 25 percent;
(2) A deferral or extension of 1 or more rental payments, or portions of a rental payment;
(3) A reduction in charges in the rental-purchase agreement; or
(4) A rental-purchase agreement involved in a court proceeding.
(b) The following do not require the negotiation of a new rental-purchase agreement:
(1) The addition or return of rental property under a multiple-item agreement or the substitution of the rental property, if in either case the average payment allocable to a payment period is not changed by more than 25 percent;
(2) A deferral or extension of 1 or more rental payments, or portions of a rental payment;
(3) A reduction in charges in the rental-purchase agreement; or
(4) A rental-purchase agreement involved in a court proceeding.
Status: in_force · Read it on the official government site
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