94                                               LAWS OF MARYLAND                                  Ch. 64

Section 12-506(g)
Annotated Code of Maryland
(1975 Volume and 1975 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
[[MARYLAND, That Section 12-506(e) of Article -

Commercial Law, of the Annotated Code of Maryland (1975
Volume and 1975 Supplement) be and it is hereby repealed
and reenacted, with amendments, to read as follows:

Article - Commercial Law

12-506.

(e) A finance charge for a monthly period may not
be imposed on an open end account unless:

(1)    the periodic statement for that month is
mailed to the buyer at least 15 days before the end of
the next billing cycle; AND

(2)    THE POSTING DATE ON THE PERIODIC
STATEMENT FOR THAT MONTH IS THE DATE OF RECEIPT BY THE
SELLER OF PAYMENT FROM THE BUYER.]]

MARYLAND, That new Section 12-506(g) be and it is__hereby

added to Article - Commercial Law of the Annotated Code

of Maryland (1975 Volume and 1975 Supplement) to read as
follows:

Article — Commercial Law

12-506.

(G) PROMPT CREDITING OF PAYMENTS. REGARDLESS OF

THE DATE OF ACTUAL POSTING OF A PAYMENT TO AN ACCOUNT,

THE PAYMENT SHALL BE CREDITED TO THE CUSTOMER'S ACCOUNT

AS OF THE DATE THE PAYMENT IS RECEIVED BY THE CREDITOR,

AND NO FINANCE CHARGE, LATE PAYMENT CHARGE, OR OTHER

CHARGE SHALL BE IMPOSED WITH RESPECT TO THE AMOUNT OF THE

PAYMENT WHICH IS PROPERLY RECEIVED BY THE CREDITOR ON OR

BEFORE THE TIME INDICATED BY THE CREDITOR AS NECESSARY TO
AVOID IMPOSITION THEREOF, PROVIDED THAT:

(1) IF A CREDITOR FAILS TO POST THE

CUSTOMER'S PAYMENT IN TIME TO AVOID THE IMPOSITION OF

FINANCE CHARGES, LATE PAYMENT CHARGES, OR OTHER CHARGES,

THE CREDITOR SHALL ADJUST THE CUSTOMER'S ACCOUNT SO THAT

THE FINANCE CHARGES, LATE PAYMENT CHARGES, OR OTHER

CHARGES ARE CREDITED TO THE ACCOUNT DURING THE CUSTOMER'S
NEXT BILLING CYCLE.

(2) FOR THE PURPOSES OF PARAGRAPH (G) OF

THIS SECTION THE CREDITOR MAY SPECIFY ON THE PERIODIC

STATEMENT OR ON ACCOMPANYING MATERIAL THAT NEED NOT BE

RETAINED BY THE CUSTOMER, REASONABLE REQUIREMENTS WITH

RESPECT TO THE FORM, AMOUNT, MANNER, LOCATION, AND TIME