Md. Code, CL § 12-601 - Definitions
|Cite as:||Md. Code, CL § 12-601|
|Currency:||Current with changes from the 2020 Legislative Session|
(a) In this subtitle the following words have the meanings indicated.
(b) "Agreement" means an installment sale agreement, a renewed or extended installment sale agreement, and any renewal, extension, or refund agreement made in connection with an installment sale agreement.
(1) "Buyer" means a person who buys or leases goods under an installment sale agreement, even though the person has entered into one or more renewal, extension, or refund agreements.
(2) "Buyer" includes a prospective buyer.
(d) "Cash price" means the minimum price for which goods subject to an installment sale agreement, or other goods of like kind and quality, may be purchased for cash from the seller by the buyer.
(1) "Collateral security" means any security interest in, encumbrance on, or pledge of property or goods that is given to secure performance of an obligation of a buyer or a surety for a buyer under an agreement.
(2) "Collateral security" includes the undertaking of a surety for a buyer.
(3) "Collateral security" does not include any goods or interest in goods that are the subject of an installment sale agreement.
(f) "Consumer goods" means goods bought for use primarily for personal, family, or household purposes, as distinguished from industrial, commercial, or agricultural purposes.
(g) "County" includes Baltimore City.
(h) "Debt cancellation agreement" means an agreement between a seller and a buyer which provides for cancellation of the outstanding balance payable under an installment sale agreement in the event of theft or total destruction of the motor vehicle that is the subject of the installment sale agreement minus the proceeds of any insurance maintained on the motor vehicle or, if the buyer does not have insurance, the actual cash value of the motor vehicle at the time of loss, determined as provided in the agreement.
(i) "Down payment" includes all amounts paid in cash, credits, or the agreed value of goods, by or for a buyer and to or for the benefit of a seller at or before execution of an installment sale agreement.
(j) "Finance charge" means the amount in excess of the cash price of the goods sold, agreed on by a seller and a buyer, to be paid by the buyer for the privilege of purchasing the goods under an installment sale agreement.
(1) "Goods" means all tangible personal property that has a cash price of $25,000 or less.
(2) "Goods" does not include money or things in action.
(l) "Holder" means a person, including a seller and a sales finance company, entitled to enforce an agreement against a buyer.
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