478

LAWS OF MARYLAND

[Ch. 49

The only changes are in style.

12-604. FORM OF INSTALLMENT SALE AGREEMENT.

AN INSTALLMENT SALE AGREEMENT SHALL BE EVIDENCED BY
AN INSTRUMENT IN WRITING WHICH CONTAINS ALL OF THE
AGREEMENTS OF THE PARTIES. IT SHALL BE SIGNED BY ALL
PARTIES BEFORE THE SELLER DELIVERS TO THE BUYER ANY OF
THE GOODS COVERED BY THE AGREEMENT.

REVISOR'S NOTE: This section presently appears as
Art. 83, §128(a).

The only changes are in style.

Disclosures required to be set forth in an
installment sale agreement are contained in
§12-606 of this subtitle.

12-605. DELIVERY OF INSTALLMENT SALE AGREEMENT AND
RECEIPT; RIGHT TO CANCEL.

(A)   DELIVERY OF COPY REQUIRED.

(1)   AT OR BEFORE THE TIME THE BUYER SIGNS AN
INSTALLMENT SALE AGREEMENT, THE SELLER SHALL DELIVER TO
HIM AN EXACT COPY OF IT.

(2)   IF THE SELLER DOES NOT SIGN THE COPY, AND
IF, WITHIN 15 DAYS AFTER THE BUYER SIGNS THE INSTALLMENT
SALE AGREEMENT, THE SELLER DOES NOT DELIVER TO THE BUYER
A COPY OF IT SIGNED BY THE SELLER, THE INSTALLMENT SALE
AGREEMENT AND THE INSTRUMENTS SIGNED BY THE BUYER ARE
VOID WITHOUT ANY ACTION BY THE BUYER, AND THE SELLER
IMMEDIATELY SHALL REFUND TO THE BUYER ALL OF HIS PAYMENTS
AND DEPOSITS.

(B)   RIGHT TO CANCEL.

(1)   UNTIL THE BUYER SIGNS AN INSTALLMENT SALE
AGREEMENT AND RECEIVES A COPY OF IT SIGNED BY THE SELLER,
HE HAS AN UNCONDITIONAL RIGHT TO CANCEL IT AND RECEIVE
IMMEDIATE REFUND OF ALL PAYMENTS AND DEPOSITS MADE ON
ACCOUNT OR IN CONTEMPLATION OF IT.

(2)     THE BUYER'S REQUEST FOR THE REFUND
OPERATES AS CANCELLATION OF THE INSTALLMENT SALE
AGREEMENT.

(C)   DELIVERY OF RECEIPT REQUIRED.

UNTIL THE BUYER SIGNS AN INSTALLMENT SALE AGREEMENT
AND RECEIVES A COPY OF IT SIGNED BY THE SELLER, IF A
PAYMENT OR DEPOSIT IS ACCEPTED BY THE SELLER, HE