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On July 1, the Maryland Court of Special Appeals affirmed in part a trial court’s dismissal of claims brought under Maryland’s Credit Grantor ClosedEndCredit Provisions (CLEC) due to the plaintiff’s lack of damages.
An important caveat to this strict limit is that it only applies after the creditor institutes “debt collection procedures,” a term that has different meanings depending on the type of credit.
A lender who defers payments on a closed-endcredit obligation or an open-endcredit obligation with a maturity date to extend the term of the obligation by the amount of months the obligation was deferred. No court order is required.
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