On or after October 1, 1993, a credit grantor may at its option elect to offer a plan to any borrower either pursuant to this subtitle or as otherwise permitted by applicable law. In order for a plan to be established under and governed by this subtitle, a credit grantor shall make a written election to that effect in the agreement governing the plan. If a credit grantor elects in accordance with this section to establish a plan under this subtitle, the provisions of Subtitle 1, 3, 4, 5, 6, or 10 of this title do not apply to the plan. If a person fails to elect in accordance with this section to establish a plan under this subtitle, the provisions of this subtitle do not apply. 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: Is a shared appreciation agreement; and Allows the borrower to repay advances and have any repaid amounts subsequently readvanced to the borrower.