1068                            Laws of Maryland                      [Ch. 349

(d)    Vendor to give vendee receipt for payment or deposit.—When
any such payment or deposit is accepted by the vendor from a vendee,
the vendor shall immediately deliver to him a receipt therefor,
which clearly states in 12-point type or larger, in typewriting or in
legible handwriting his rights under subsection (c) above.

(e)    Vendor to record contract.—Within fifteen (15) days after
the contract has been signed by both the vendor and vendee, the
vendor shall cause said contract to be recorded among the land
records of the county or city in which the property lies and shall
mail the recorders receipt therefor to the vendee. This duty of recor-
dation and mailing of receipt shall be clearly written or printed
on the contract and failure to do so, or to record as required here-
under within the time stipulated, shall give the vendee the uncon-
ditional right to cancel the contract and to receive immediate refund
of all payments and deposits made on account of or in contempla-
tion of the contract.

10-103. Disclosure in the contract.

(a)    Contents of contract.—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 legal description of the property covered by the
contract and disclose any and all transfers of title to this property,
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:

(1)    The cash price of the property sold;

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

(3)    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 there-
of, a concise description of the type of coverage, and the party or
parties to whom such insurance is payable;

(4) The sum of items (i), (ii), and (iii) (1), (2) AND (3);

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

(6)    The principal balance owned, which is the sum of item (4.)
less item (5);

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

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

(b)    Application of payments.—The installment payments shall
first be applied by the vendor to the payment of

(1) Taxes, assessments and other public charges levied or as-
sessed against the said property and paid by the vendor; (2) ground
rent, if any, paid by the vendor; (3) insurance premiums on the said