Any closed end account made prior to July 1, 1982 which is refinanced at a higher rate pursuant to § 12–505(a)(3) of this subtitle must comply with the following requirements: The holder must give the following disclosure in writing to the buyer prior to the execution by the buyer of the new retail credit account agreement: If you do agree to consolidate your existing account, you will be paying an annual percentage rate of ..... on the existing net balance of $........, instead of the rate of ....... which you are now paying. Schedule of Monthly Payments Separate Account Agreements              Consolidated Account Agreement $....... per month for                   $....... per month for the next ....... months                  the next ....... months then $....... per month for ....... months after that Total of Payments Separate Account Agreements              Consolidated Account Agreement $....... total of                      $....... total of payments for your                     payments for your existing account                     consolidated account ....... total of payments for your new account The holder must allow the buyer the choice of repaying his existing account balance at the originally agreed upon rate and obtaining any additional extension of credit as a separate account, notwithstanding any law which limits the holder’s ability to establish more than 1 account for the same buyer; An account may be refinanced only upon the buyer’s request; The holder must refund or credit to the buyer’s account any unearned finance charge and any returned insurance premiums upon the cancellation of insurance sold in connection with the obligation; The holder must allow the buyer the right to cancel the consolidated purchase agreement within 3 business days and to elect the separate account option pursuant to subsection (2). The holder shall provide to the buyer conspicuous notice of the provisions of this subsection; and Nothing in this subsection shall prohibit the receipt of goods or services by the buyer at the time the consolidated purchase agreement is made.