494

LAWS OF MARYLAND

[Ch. 49

(B)       STATEMENT TO BE DELIVERED TO BUYER.

IF GOODS ARE PURCHASED UNDER AN ADD-ON CONTRACT, THE
SELLER SHALL DELIVER TO THE BUYER AND ATTACH TO THE
ADD-ON CONTRACT, AT THE TIME OF THE ADDITIONAL PURCHASE,
A STATEMENT WHICH:

(1)         CONTAINS ALL INFORMATION REGARDING THE
ADDITIONAL PURCHASE REQUIRED BY §12-606; AND

(2)       SHOWS:

(i) THE AMOUNT DUE ON THE INSTALLMENT SALE
AGREEMENT IMMEDIATELY BEFORE THE ADDITIONAL PURCHASE;

(ii) THE AMOUNT DUE AFTER THE ADDITIONAL
PURCHASE;

(iii) THE PAYMENTS AGREED TO BE MADE
SUBSEQUENTLY; AND

(iv) THE NUMBER OF ADDITIONAL MONTHS REQUIRED
TO COMPLETE THE PAYMENTS.

(C)       APPLICATION OF PAYMENTS.

(1)         IF A PAYMENT IS MADE ON AN ADD-ON
CONTRACT AFTER AN ADDITIONAL PURCHASE IS ADDED, THE
PAYMENT IS CONSIDERED AS APPLIED TO EACH OF THE SEPARATE
PURCHASES IN THE SAME PROPORTION WHICH THE CASH PRICE OF
EACH PURCHASE BEARS TO THE TOTAL CASH PRICE OF ALL GOODS
IN WHICH THE SELLER RETAINS A SECURITY INTEREST.

(2)         BEFORE REPOSSESSING OR ATTEMPTING TO
REPOSSESS ANY GOODS UNDER AN ADD-ON CONTRACT, THE SELLER
SHALL APPLY ALL PAYMENTS MADE TO HIM BY THE BUYER IN THE
MANNER PROVIDED BY PARAGRAPH (1) OF THIS SUBSECTION.

(3)           IF THE AMOUNT DUE ON ANY SEPARATE
PURCHASE IS PAID FULLY, THE GOODS PAID FOR ARE THE
ABSOLUTE PROPERTY OF THE BUYER AND MAY NOT BE SUBJECT TO
REPOSSESSION FOR ANY SUBSEQUENT DEFAULT ON THE AGREEMENT.

(D)       PREPAYMENT.

THE BUYER UNDER AN ADD-ON CONTRACT MAY PREPAY AT ANY
TIME THE AMOUNT DUE ON ANY OF THE SEPARATE PURCHASES IN
THE MANNER PROVIDED BY §12-620 OF THIS SUBTITLE.

(E)   REDEMPTION.

IF THE GOODS SUBJECT TO AN ADD-ON CONTRACT ARE
REPOSSESSED, THE BUYER MAY REDEEM ANY OF THE SEPARATE
PURCHASES BY PAYMENT OF THE AMOUNT DUE ON THAT PURCHASE