Maryland § 12-612
Full text of Maryland Maryland Code § 12-612, with citation guidance and answers to common questions.
§ 12-612.
(a) Notwithstanding the provisions of § 12-601(k) of this subtitle, for the purposes of this section, “goods” means any personal property bought for use primarily for personal, family, or household purposes regardless of the cash price of the goods.
(b) A buyer may prepay at any time, without penalty, all or part of the outstanding balance payable under an installment sale agreement relating to consumer goods.
(c) (1) Except as provided in subsection (d) of this section, if the buyer pays the balance in full before maturity, the holder immediately shall refund to him a portion of the finance charge, including the charge provided for in § 12-610(2) of this subtitle.
(2) The amount of the refund shall be calculated according to the actuarial method based on the original schedule of payments.
(d) If a prepayment is made, the holder is entitled to retain a finance charge of at least $6.
(e) If the amount of the credit prepayment is less than $1, no refund need be made.
Frequently Asked Questions About Maryland § 12-612
What does Maryland Code § 12-612 cover?
Section 12-612 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 § 12-612?
A common citation format is "Maryland Code § 12-612" (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 § 12-612 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.