Maryland § 12-1013
Full text of Maryland Maryland Code § 12-1013, with citation guidance and answers to common questions.
§ 12-1013.
(a) Unless otherwise provided under the express terms of the agreement, note, or other evidence of the extension of closed end credit, the provisions of Subtitle 1, 3, 4, 5, 6, or 9 of this title do not apply to an extension of closed end credit if:
(1) The agreement, note, or other evidence of the extension of credit is made before October 1, 1993; and
(2) The extension of credit is made under this subtitle before October 1, 1993.
(b) For the purposes of subsection (a) of this section, an extension of credit is made under this subtitle if:
(1) The credit grantor has made a written election to do so in the agreement, note, or other evidence of the extension of credit; or
(2) The agreement, note, or other evidence of the extension of credit is made pursuant to the provisions of this subtitle.
(c) For the purposes of subsection (a) of this section, if there is no written election to extend credit under this subtitle, the burden of proof is on the credit grantor to show the agreement, note, or other evidence of the extension of credit was made pursuant to this subtitle.
(d) Any agreement, note, or other evidence of an extension of credit made before October 1, 1993 is not subject to § 12–1013.2 of this subtitle.
(e) Notwithstanding any other provision of this title, a loan shall be subject to the provisions of this subtitle, whether or not elected, if the loan:
(1) Is a shared appreciation agreement; and
(2) Does not allow the borrower to repay advances and have any repaid amounts subsequently readvanced to the borrower.
Frequently Asked Questions About Maryland § 12-1013
What does Maryland Code § 12-1013 cover?
Section 12-1013 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 12-1013?
A common citation format is "Maryland Code § 12-1013" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 12-1013 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.