Maryland Courts and Judicial Proceedings Section 5-408

      (a)      (1)      In this section the following words have the meanings indicated.

            (2)      (i)      "Credit agreement" means a covenant, promise, undertaking, commitment, or other agreement by a financial institution to:

                        1.      Lend money;

                        2.      Forbear from repayment of money, goods, or things in action;

                        3.      Forbear from collecting or exercising any right to collect a debt; or

                        4.      Otherwise extend credit.

                  (ii)      "Credit agreement" includes agreeing to take or to not take certain actions by a financial institution in connection with an existing or prospective credit agreement.

            (3)      "Financial institution" means:

                  (i)      A bank;

                  (ii)      A trust company;

                  (iii)      A savings bank;

                  (iv)      A savings and loan association; or

                  (v)      An affiliate or subsidiary of a bank, trust company, savings bank, or savings and loan association.

      (b)      A credit agreement is not enforceable by way of action or defense unless it:

            (1)      Is in writing;

            (2)      Expresses consideration;

            (3)      Sets forth the relevant terms and conditions of the agreement; and

            (4)      Is signed by the person against whom its enforcement is sought.

      (c)      (1)      This section applies only to commercial transactions.

            (2)      This section does not apply to:

                  (i)      Credit agreements made primarily for personal, family, or household purposes; or

                  (ii)      Credit extended by means of, or in connection with, a credit or charge card.