2030

LAWS OF MARYLAND

Ch. 673

NUMBER OF INSTALLMENT PAYMENTS REQUIRED TO PAY IT,
AMOUNT AND TIME OF EACH PAYMENT;

AND THE

(11) THE LAYAWAY PRICE, WHICH IS
PARAGRAPHS (6) AND (7); AND

THE SUM OF

(12) A CLEAR AND CONCISE
CONSEQUENCES OF BUYER'S DEFAULT.

STATEMENT OF

ALL

(B) PARAGRAPHS (4) THROUGH (12) OF THIS SECTION DO
NOT APPLY TO ANY LAYAWAY SALE SUBJECT TO THE DISCLOSURE
PROVISIONS OF THE FEDERAL TRUTH IN LENDING ACT IF THE SELLER
COMPLIES WITH THE APPLICABLE DISCLOSURE PROVISIONS OF THE
FEDERAL ACT AND ITS REGULATION.

14-1104.

(A)    AT OR BEFORE THE TIME THE BUYER SIGNS A LAYAWAY
AGREEMENT, THE SELLER SHALL GIVE HIM AN EXACT COPY SIGNED BY
THE SELLER.

(B)    UPON EXECUTION OF A LAYAWAY AGREEMENT, THE SELLER
SHALL HOLD FOR THE BUYER OR AGREE TO DELIVER TO THE BUYER ON
A DATE MUTUALLY ACCEPTABLE TO BOTH PARTIES, THE CONSUMER
GOODS OR CONSUMER GOODS THAT ARE IDENTICAL TO THOSE
ORIGINALLY SELECTED BY THE BUYER, AS LONG AS THE BUYER
COMPLIES WITH ALL OF THE TERMS OF THE LAYAWAY AGREEMENT.

(C)    (1) THE SELLER SHALL PERMIT THE BUYER TO CANCEL
A LAYAWAY AGREEMENT, WITHOUT ANY PENALTY OR OBLIGATION,
WITHIN 7 CALENDAR DAYS FROM THE DATE OF THE LAYAWAY

AGREEMENT.

(2) IF THE BUYER CANCELS THE LAYAWAY AGREEMENT
AS PROVIDED IN PARAGRAPH (1) OF THIS SUBSECTION, THE SELLER
SHALL:

(I) REFUND ALL PAYMENTS
LAYAWAY AGREEMENT; AND

MADE UNDER THE

(II) RETURN, IN SUBSTANTIALLY AS GOOD
CONDITION AS WHEN RECEIVED BY THE SELLER, ANY GOODS OR
PROPERTY TRADED IN.

(D) (1) IF A PAYMENT IS MADE ON ACCOUNT OF A

LAYAWAY      AGREEMENT, THE SELLER SHALL GIVE THE BUYER ON HIS

REQUEST,   OR, IF PAYMENT IS MADE IN CASH, WITHOUT REQUEST, A

COMPLETE    WRITTEN RECEIPT FOR THE PAYMENT; AND

(2) IF THE BUYER REQUESTS INFORMATION ON THE
STATUS OF HIS ACCOUNT, THE SELLER, WITHIN 10 DAYS AFTER THE
REQUEST AT THE PLACE OF BUSINESS WHERE THE LAYAWAY SALE WAS
MADE, SHALL GIVE THE BUYER A WRITTEN STATEMENT SETTING
FORTH:

(I)

THE LAYAWAY PRICE;

(II) THE TOTAL AMOUNT PAID BY THE BUYER TO