{"data":{"id":"us-md/md.-code-courts-and-judicial-proceedings-5-408","jurisdiction":"us-md","citation":"Md. Code, Courts and Judicial Proceedings § 5–408","heading":"","body":"(a) (1) In this section the following words have the meanings indicated.\n(2) (i) “Credit agreement” means a covenant, promise, undertaking, commitment, or other agreement by a financial institution to:\n1. Lend money;\n2. Forbear from repayment of money, goods, or things in action;\n3. Forbear from collecting or exercising any right to collect a debt; or\n4. Otherwise extend credit.\n(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.\n(3) “Financial institution” means:\n(i) A bank;\n(ii) A trust company;\n(iii) A savings bank;\n(iv) A savings and loan association; or\n(v) An affiliate or subsidiary of a bank, trust company, savings bank, or savings and loan association.\n(b) A credit agreement is not enforceable by way of action or defense unless it:\n(1) Is in writing;\n(2) Expresses consideration;\n(3) Sets forth the relevant terms and conditions of the agreement; and\n(4) Is signed by the person against whom its enforcement is sought.\n(c) (1) This section applies only to commercial transactions.\n(2) This section does not apply to:\n(i) Credit agreements made primarily for personal, family, or household purposes; or\n(ii) Credit extended by means of, or in connection with, a credit or charge card.","path":["Article - Courts and Judicial Proceedings"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gcj\u0026section=5-408","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:57:03Z","sha256":"3a067bf9197023e5053083a8d21f59612feb12afa3a52a8e68dec006c1186b46","source_id":"us-md","stale":false,"prev":"us-md/md.-code-courts-and-judicial-proceedings-5-407","next":"us-md/md.-code-courts-and-judicial-proceedings-5-409"},"notice":"GroundRules: Original legal text. Not legal advice."}