(a) (1) In this section the following words have the meanings indicated. (2) (i) "Credit agreement" means a covenant, promise, undertaking, commitment, or other agreement by a financial institution to: 1. Lend money; 2. Forbear from repayment of money, goods, or things in action; 3. Forbear from collecting or exercising any right to collect a debt; or 4. Otherwise extend credit. (ii) "Credit agreement" includes agreeing to take or to not take certain actions by a financial institution in connection with an existing or prospective credit agreement. (3) "Financial institution" means: (i) A bank; (ii) A trust company; (iii) A savings bank; (iv) A savings and loan association; or (v) An affiliate or subsidiary of a bank, trust company, savings bank, or savings and loan association. (b) A credit agreement is not enforceable by way of action or defense unless it: (1) Is in writing; (2) Expresses consideration; (3) Sets forth the relevant terms and conditions of the agreement; and (4) Is signed by the person against whom its enforcement is sought. (c) (1) This section applies only to commercial transactions. (2) This section does not apply to: (i) Credit agreements made primarily for personal, family, or household purposes; or (ii) Credit extended by means of, or in connection with, a credit or charge card.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.