Section 12-913.1 - Election of applicable laws. - Maryland Statutes

§ 12-913.1. Election of applicable laws.
 

(a)  In general; written election.-  

(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)  Applicability of other subtitles.-  

(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. 
 

[1993, ch. 404, § 2.]