Md. Code, Commercial Law § 12-913.1
This is the official text of Md. Code, Commercial Law § 12-913.1, part of Maryland’s Code, Commercial Law — governs commercial transactions - Maryland's version of the Uniform Commercial Code.
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§12–913.
Official statutory text
§12–913.1.
(a) (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.
(b) (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.
(a) (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.
(b) (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.
Status: in_force · Read it on the official government site
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