Maryland Commercial Law Section 12-505.1

      Any closed end account made prior to July 1, 1982 which is refinanced at a higher rate pursuant to § 12-505(a)(3) of this subtitle must comply with the following requirements:

            (1)      The holder must give the following disclosure in writing to the buyer prior to the execution by the buyer of the new retail credit account agreement:

      If you do agree to consolidate your existing account, you will be paying an annual percentage rate of ..... on the existing net balance of $........, instead of the rate of ....... which you are now paying.

Schedule of Monthly Payments

Separate Account Agreements            Consolidated Account Agreement

$....... per month for

the next ....... months

then

$....... per month for

....... months after that

$....... per month for

the next ....... months

Total of Payments

Separate Account Agreements            Consolidated Account Agreement

$....... total of

payments for your

existing account

....... total of payments

for your new account

$....... total of

payments for your

consolidated account

            (2)      The holder must allow the buyer the choice of repaying his existing account balance at the originally agreed upon rate and obtaining any additional extension of credit as a separate account, notwithstanding any law which limits the holder's ability to establish more than 1 account for the same buyer;

            (3)      An account may be refinanced only upon the buyer's request;

            (4)      The holder must refund or credit to the buyer's account any unearned finance charge and any returned insurance premiums upon the cancellation of insurance sold in connection with the obligation;

            (5)      The holder must allow the buyer the right to cancel the consolidated purchase agreement within 3 business days and to elect the separate account option pursuant to subsection (2). The holder shall provide to the buyer conspicuous notice of the provisions of this subsection; and

            (6)      Nothing in this subsection shall prohibit the receipt of goods or services by the buyer at the time the consolidated purchase agreement is made.