- (a) In this section, “terminal rental adjustment clause” means a provision in a contract permitting or requiring the rental price of a motor vehicle or trailer to be adjusted either upward or downward by reference to the amount realized upon sale or other disposition of the motor vehicle or trailer.
- (b) Nothing in this section exempts a motor vehicle or trailer from the payment of any fees or taxes required at the time of titling a vehicle under the Maryland Vehicle Law.1
- (c) Notwithstanding any other provision of law, in the case of a motor vehicle or trailer that is not leased, or used, primarily for personal, family, or household purposes, a transaction does not create a sale or security interest merely because the contract on which the transaction is based contains a terminal rental adjustment clause.
Added by Acts 1994, c. 535, § 1, eff. Jan. 1, 1995.
Transportation, § 11-101 et seq.