Marvin Mandel, Governor                         985

CHAPTER 445
(Senate Bill 312)

AN ACT to repeal and re-enact, with amendments, Section 112 (1)
of Article 21 of the Annotated Code of Maryland (1966 Replace-
ment Volume and 1970 Supplement), title "Conveyancing," sub-
title "Land Installment Contracts," to require disclosure of all
transfers of title and sale prices , REPAIRS AND IMPROVE-
MENTS of property for six (6) months prior to date of purchase.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 112 (1) of Article 21 of the Annotated Code of Mary-
land (1966 Replacement Volume and 1970 Supplement), title "Con-
veyancing," subtitle "Land Installment Contracts," be and it is
hereby repealed and re-enacted, with amendments, to read as
follows:

112.

(1) Every land installment contract shall state the full names,
the place of residence and post-office addresses of all the parties
thereto and the date when signed by the vendee. [It shall contain
a clear designation of the property covered by the contract and
shall recite in simple tabular form the following separate items
and in the following order:] It shall contain a clear designation
LEGAL DESCRIPTION of the property covered by the contract and
disclose any and all transfers of title to this property and , the sale
price in each such transfer , AND THE SUBSTANTIATED COST
TO THE SELLER OF REPAIRS OR IMPROVEMENTS MADE
for a six month period prior to the date of purchase. It shall recite
in simple tabular form the following separate items in the following
order:

(a)  The cash price of the property sold;

(b)  Any charges or fees for services which are included in the
contract separate from the cash price;

(c)  The cost to the vendee of any insurance coverage from the
date of the contract, for the payment of which credit is to be ex-
tended to the vendee, the amount or extent and expiration date
thereof, a concise description of the type of coverage, and the party
or parties to whom such insurance is payable;

(d)  The sum of items (a), (b) and (c);

(e)  The amount of vendee's down payment, if any;

(f)  The principal balance owed, which is the sum of item (d)
less item (e);

(g)  The amount and time of each installment payment and the
total number of periodic installments;

(h) The interest on the unpaid balance not to exceed the per-
centage per annum as allowed by Article 49, Sec. 3, as amended
from time to time, ground rent, if any, taxes and other public
charges.