Section 12-506.1 - Credit balances. - Maryland Statutes

§ 12-506.1. Credit balances.
 

(a)  Defined.- In this section "credit balance" means a balance on an open end retail credit account which indicates that the buyer has made payments or obtained refunds in excess of charges, resulting in a credit due to the buyer. 

(b)  Balances in excess of $1.- If there is a credit balance in excess of $1 on any retail credit account: 

(1) The holder shall send to the buyer a monthly statement which indicates the amount of the credit balance; and 

(2) If the credit balance remains the same after four consecutive monthly statements, the holder shall send to the buyer a check or money order in the full amount of the credit balance. 

(c)  Application of section.- The provisions of this section shall apply only to credit balances remaining the same after four consecutive monthly statements for billing periods commencing after July 1, 1975. 
 

[1975, ch. 503.]