502

LAWS OF MARYLAND

[Ch. 49

Art. 83, §142.

In subsection (c) of this section, the terms
"pay" and "perform" are deleted as superfluous
in light of the provisions that "tender" will
be sufficient for redemption.

The only other changes are in style.

For the definition of "county" as including
Baltimore City, see §12—601 of this subtitle.

12-626. REPOSSESSION - RESALE OF GOODS.

(A)   PUBLIC AUCTION REQUIRED.

SUBJECT TO THE PROVISIONS OF SUBSECTION (B) OF THIS
SECTION, THE HOLDER SHALL SELL ANY REPOSSESSED GOODS AT
PUBLIC AUCTION IF THE BUYER:

(1)   HAS PAID AT LEAST 50 PERCENT OF THE CASH
PRICE OF THE GOODS; AND

(2)    WITHIN THE 15-DAY PERIOD PROVIDED FOR IN
§12-625(A), REQUESTS SALE OF THE GOODS IN WRITING SENT TO
THE HOLDER BY REGISTERED OR CERTIFIED MAIL.

(B)   BUYER'S DEPOSIT.

(1)   TO COVER THE COSTS OF THE SALE, AT THE
TIME A BUYER REQUESTS SALE OF THE GOODS HE SHALL DEPOSIT
WITH THE HOLDER AN AMOUNT EQUAL TO THE LESSER OF:

(i) 10 PERCENT OF THE TIME BALANCE DUE AT THE
TIME OF REPOSSESSION; OR

(ii) $10.

(2)   IF THE BUYER DOES NOT MAKE THE DEPOSIT AT
THE TIME OF HIS REQUEST, THE HOLDER PROMPTLY SHALL NOTIFY
THE BUYER IN WRITING SENT BY REGISTERED OR CERTIFIED MAIL
OF THE DEPOSIT REQUIREMENT. IF THE BUYER FAILS TO MAKE
THE DEPOSIT WITHIN FIVE DAYS AFTER HE RECEIVES THE NOTICE
FROM THE HOLDER, HIS RIGHT TO HAVE THE GOODS SOLD AT
PUBLIC AUCTION IS FORFEITED.

(C)   TIME OF SALE.

THE SALE OF GOODS AT PUBLIC AUCTION SHALL TAKE PLACE
WITHIN 30 DAYS FROM THE DATE THE BUYER REQUESTED THE
SALE.

(D) NOTICE OF SALE.