§ 12–701
Statutes in effect as of October 1, 2026.
Md. Code Ann., Com. Law § 12-701 (2026)
Title 12. Credit Regulations
Subtitle 7. Equal Credit Opportunity Act
§ 12–701LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Applicant” means any person who applies to a creditor:
(1)
Directly for an extension, renewal, or continuation of credit; or
(2)
Indirectly by use of an existing credit plan for an amount exceeding a previously established credit limit.
(c)
“Commissioner” means the Commissioner of Financial Regulation.
(d)
“Credit” means the right granted by a creditor to a debtor to:
(1)
Defer payment of a debt;
(2)
Incur a debt and defer its payment; or
(3)
Purchase property or services and defer payment for it.
(e)
“Creditor” means any person who regularly:
(1)
Extends, renews, or continues credit for personal, family or household purposes; or
(2)
Arranges for the extension, renewal, or continuation of credit.
(f)
“Person” includes an individual, corporation, business trust, statutory trust, estate, trust, partnership, association, two or more persons having a joint or common interest, or any other legal or commercial entity.