J. MILLARD TAWES, Governor                     1287

CHAPTER 806
(House Bill 597)

AN ACT to repeal and re-enact, with amendments, Sections 143 (b)
and 152 (a) of Article 83 of the Annotated Code of Maryland
(1957 Edition), title "Sales and Notices," subtitle "Retail In-
stallment Sales," providing for the distribution of proceeds of
certain sales under said subtitle where the buyer has not paid
at least 50% of the cash sale price of the goods or where the
buyer has paid 50% of the cash sale price but has not requested
a public sale pursuant to subsection (a) of this section, and amend-
ing the law with regard to deficiencies in any sales under said
subtitle; and to change the monetary value of "goods" as defined
under the retail installment sales act.

Section 1. Be it enacted by the General Assembly of Maryland,
That Sections 143 (b) and 152 (a) of Article 83 of the Annotated
Code of Maryland (1957 Edition), title "Sales and Notices," subtitle
"Retail Installment Sales," be and they are hereby repealed and re-
enacted, with amendments, to read as follows:

143.

(b) The proceeds of such sale, plus the deposit required in
subsection (a) above, or the proceeds of any other bona fide public
or private sale, as to goods having a cash price at the time of the
purchase by the buyer in excess of two thousand dollars ($2,000.00),
where the buyer has not paid at least 50% of the cash sale price
of the goods or where the buyer has paid 50% of the cash sale
price but has not requested a public sale pursuant to subsection
(a) of this section, shall be applied: (1) To the actual and reason-
able cost of the sale; (2) to the actual and reasonable cost of
retaking and of storage; (3) to the unpaid balance owing under
the contract at the time such goods were repossessed; (4) any
balance remaining shall be paid to the buyer and if a deficiency
arises the buyer shall be liable for said deficiency if the contract
provides for such deficiency liability and if compliance has been
made with the other provisions of this subtitle including the notice
required by Section 141 (c) of this subtitle. A written statement
showing the disposition of such proceeds and deposit, shall be
furnished to the buyer by the seller.

152.

(a) "Goods" means all chattels personal having a cash price of
[two thousand dollars ($2,000)] five thousand dollars ($5,000) or
less but not including money or things in action.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1965.

Approved May 4, 1965.