Md. Code, Commercial Law § 12-701
This is the official text of Md. Code, Commercial Law § 12-701, part of Maryland’s Code, Commercial Law — governs commercial transactions - Maryland's version of the Uniform Commercial Code.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
§12–701.
Official statutory text
(a) In this subtitle the following words have the meanings indicated.
(b) “Applicant” means any person who applies to a creditor:
(1) Directly for an extension, renewal, or continuation of credit; or
(2) Indirectly by use of an existing credit plan for an amount exceeding a previously established credit limit.
(c) “Commissioner” means the Commissioner of Financial Regulation.
(d) “Credit” means the right granted by a creditor to a debtor to:
(1) Defer payment of a debt;
(2) Incur a debt and defer its payment; or
(3) Purchase property or services and defer payment for it.
(e) “Creditor” means any person who regularly:
(1) Extends, renews, or continues credit for personal, family or household purposes; or
(2) Arranges for the extension, renewal, or continuation of credit.
(f) “Person” includes an individual, corporation, business trust, statutory trust, estate, trust, partnership, association, two or more persons having a joint or common interest, or any other legal or commercial entity.
(b) “Applicant” means any person who applies to a creditor:
(1) Directly for an extension, renewal, or continuation of credit; or
(2) Indirectly by use of an existing credit plan for an amount exceeding a previously established credit limit.
(c) “Commissioner” means the Commissioner of Financial Regulation.
(d) “Credit” means the right granted by a creditor to a debtor to:
(1) Defer payment of a debt;
(2) Incur a debt and defer its payment; or
(3) Purchase property or services and defer payment for it.
(e) “Creditor” means any person who regularly:
(1) Extends, renews, or continues credit for personal, family or household purposes; or
(2) Arranges for the extension, renewal, or continuation of credit.
(f) “Person” includes an individual, corporation, business trust, statutory trust, estate, trust, partnership, association, two or more persons having a joint or common interest, or any other legal or commercial entity.
Status: in_force · Read it on the official government site
Dealing with a business matter in Maryland?
See all Maryland Business lawyers
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.