MARVIN MANDEL, Governor

481

OF THIS SECTION, THE INSTALLMENT SALE AGREEMENT SHALL:

(1)         STATE CLEARLY ANY COLLATERAL SECURITY
TAKEN FOR THE BUYER'S OBLIGATION UNDER IT; AND

(2)      CONTAIN THE FOLLOWING NOTICE IN 12-POINT
BOLD TYPE OR LARGER, DIRECTLY ABOVE THE SPACE RESERVED IN
THE AGREEMENT FOR THE SIGNATURE OF THE BUYER:

NOTICE TO BUYER

1.         YOU ARE ENTITLED TO A COPY OF THIS AGREEMENT AT
THE TIME YOU SIGN IT,

2.         UNDER THE STATE LAW REGULATING INSTALLMENT
SALES, YOU HAVE CERTAIN RIGHTS, AMONG OTHERS:

(1) TO PAY OFF THE FULL AMOUNT DUE IN ADVANCE
AND OBTAIN A PARTIAL REBATE OF THE FINANCING CHARGE;

A DEFAULT;

(2) TO REDEEM THE PROPERTY IF REPOSSESSED FOR

(3) TO REQUIRE, UNDER CERTAIN CONDITIONS, A
RESALE OF THE PROPERTY, IF REPOSSESSED.

REVISOR'S NOTE: This section presently appears as
Art. 83, §129.

In subsection (b) (3) of this section, the
words "charges for" are substituted for
"agreed price of," for purposes of conformity.

In subsection (b) (4) of this section, the
present phrase "whether...in cash...or agreed
value of goods..." is deleted as unnecessary
in light of the definition of "down payment"
in §12-601.

In subsection (b) (5) of this section, the
present reference to "item (1)" is deleted as
unnecessary since item (3) includes item (1).

Subsection (b)(7) of this section has been
modified to include a reference to instruments
both securing "or evidencing" the buyer's
obligation; while this provision apparently
was intended to include a financing statement
filed under Title 9 of this article, as a
technical matter, a financing statement
evidences an obligation, but does not "secure
it." Also, the word "actually," as it
presently modifies "will... be paid" is
deleted as unnecessary.