498

LAWS OF MARYLAND

[Ch. 49

added to conform to its counterpart provision
in subsection (a) (2).

In subsection (a)(1) and (2) of this section,
the word "including" is added since there are
other charges — e.g., attorney's fees —
permitted to be made under this subtitle.

The only other changes are in style.

12-622. CANCELLATION OF CONTRACT AND RELEASE OF
SECURITY.

(A)   HOLDER'S STATEMENT TO BUYER.

AFTER THE BUYER HAS PAID ALL SUMS DUE UNDER AN
AGREEMENT, THE HOLDER SHALL DELIVER OR MAIL TO THE BUYER
AT HIS LAST KNOWN ADDRESS, WITHIN 15 DAYS AFTER THE
HOLDER RECEIVES A WRITTEN REQUEST FROM THE BUYER:

(1)   A SIGNED STATEMENT WHICH DESCRIBES THE
GOODS AND STATES THAT ALL PAYMENTS DUE OR TO BECOME DUE
UNDER THE AGREEMENT ARE PAID IN POLL;

(2)    GOOD AND SUFFICIENT INSTRUMENTS TO
RELEASE ALL SECURITY INTERESTS IN THE GOODS AND
COLLATERAL SECURITY OWNED BY THE BUYER; AND

(3)    GOOD AND SUFFICIENT ASSIGNMENTS AND
INSTRUMENTS NECESSARY TO VEST THE BUYER WITH COMPLETE
EVIDENCE OF TITLE.

(B)   HOLDER'S STATEMENT TO SURETY AND OTHERS.

AFTER THE BUYER HAS PAID ALL SUMS DUE UNDER AN
AGREEMENT, THE HOLDER SHALL DELIVER OR MAIL TO EACH
SURETY FOR THE BUYER AND TO EACH PERSON WHO IS THE OWNER
OF COLLATERAL SECURITY, WITHIN 15 DATS AFTER THE HOLDER
RECEIVES A REQUEST FROM THE BUYER, SURETY, OR OTHER
PERSON:

(1)    A SIGNED STATEMENT WHICH SHOWS THAT THE
SURETYSHIP IS COMPLETELY DISCHARGED; AND

(2)    GOOD AND SUFFICIENT INSTRUMENTS TO
RELEASE ANY COLLATERAL SECURITY OWNED BY THAT PERSON.

(C)       PENALTY.

IF THE HOLDER FAILS TO COMPLY WITH THE REQUIREMENTS
OF THIS SECTION, HE SHALL FORFEIT $10 TO THE BUYER AND IS
LIABLE FOR DAMAGES.

REVISOR'S NOTE: This section presently appears as