(a. Except as otherwise provided in the Uniform Commercial Code, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors.
(b. A transaction subject to this title is subject to any applicable rule of law which establishes a different rule for consumers.
(c. In case of conflict between this title and a rule of law, statute, or regulation described in subsection (b), the rule of law, statute, or regulation controls. Failure to comply with a statute or regulation described in subsection (b) has only the effect the statute or regulation specifies.
(1. validate any rate, charge, agreement, or practice that violates a rule of law, statute, or regulation described in subsection (b); or
(2. extend the application of the rule of law, statute, or regulation to a transaction not otherwise subject to it.
History
Code 1950, §§ 6-551, 6-552; 1964, c. 219, §§ 8.9-201, 8.9-203; 1973, c. 509; 1984, c. 613; 1996, c. 216; 2000, c. 1007.
