MARVIN MANDEL, Governor

405

WITHIN TEN DAYS AFTER A LENDER RECEIVES A PAYMENT ON
ACCOUNT OF A LOAN, THE LENDER SHALL DELIVER TO THE
BORROWER A RECEIPT FOR THE PAYMENT.

(C)   PREPAYMENT.

A LENDER SHALL PERMIT A BORROWER TO PREPAY A LOAN IN
FULL OR IN PART AT ANY TIME, WITHOUT PENALTY. EACH
PARTIAL PREPAYMENT SHALL BE APPLIED:

(1)    FIRST, TO INTEREST ACCRUED ON THE UNPAID
PRINCIPAL BALANCE TO THE DATE OF PAYMENT; AND

(2)   THEN, TO THE UNPAID PRINCIPAL BALANCE.

(D)   MARKING PAPERS "PAID" OR "CANCELLED"; RETURN OF
SECURITY.

AFTER FULL [[PREPAYMENT]] REPAYMENT OF THE LOAN, THE
LENDER SHALL:

(1) INDELIBLY    MARK WITH THE WORD "PAID" OR

"CANCELLED" AND RETURN     EACH NOTE, CONTRACT, OR OTHER

EVIDENCE OF OBLIGATION OF   THE BORROWER IN THE POSSESSION
OF THE LENDER;

(2)   RELEASE ANY MORTGAGE, SECURITY AGREEMENT,
OR OTHER FORM OF SECURITY INSTRUMENT WHICH NO LONGER
SECURES ANY INDEBTEDNESS TO THE LENDER; AND

(3)   RESTORE ANY PLEDGE OR CERTIFICATE OF
TITLE.

(E) STATEMENT OF ACCOUNT.

ON THE REQUEST OF THE BORROWER, THE LENDER SHALL
FURNISH THE BORROWER WITH A WRITTEN STATEMENT OF HIS
ACCOUNT. HOWEVER, THE LENDER IS NOT REQUIRED TO DO SO
MORE THAN ONCE IN ANY 30-DAY PERIOD.

REVISOR'S NOTE: This section presently appears as
Art. 58A, §17.

In subsection (a) of this section, the
provisions are reordered and paragraphed for
purposes of emphasis and clarity. The word
"give" is deleted as unnecessary in light of
the word "deliver." The Commission notes that
unlike other statutory requirements of this
sort — see, e.g., §§ 12—106 and 12—503(e) of
this title — this section expressly requires
that the statement be "in the English
language." This might further be compared
with the apparent trend in consumer