BLAIR LEE III, Acting Governor

2031

DATE; AND

(III) THE TOTAL AMOUNT REMAINING DUE TO THE
SELLER.

(E) AFTER THE BUYER HAS MADE ALL PAYMENTS TO THE
SELLER IN ACCORDANCE WITH THE LAYAWAY AGREEMENT, THE SELLER
SHALL DELIVER TO THE BUYER THE CONSUMER GOODS OR CONSUMER
GOODS THAT ARE IDENTICAL TO THOSE ORIGINALLY SELECTED BY THE
BUYER.

14-1105.

(A) THE SELLER MAY NOT INCREASE THE LAYAWAY PRICE OF
THE CONSUMER GOODS SOLD UNDER A LAYAWAY AGREEMENT.

(B) IF, WITHIN 7 10 CALENDAR DAYS AFTER THE EXECUTION
OF A LAYAWAY AGREEMENT, THE SELLER REDUCES THE SELLING PRICE
OF EXISTING ITEMS IN HIS STOCK OR INVENTORY IDENTICAL TO
THOSE BEING HELD FOR A BUYER, THE SELLER SHALL CREDIT THE
BUYER FOR THE DIFFERENCE BETWEEN THE ORIGINAL LAYAWAY PRICE
AND THE REDUCED PRICE.

14-1106.

(A)    THE BUYER IS IN DEFAULT UNDER A LAYAWAY AGREEMENT
WHENEVER 15 LAYS HAS LAPSED FROM THE SCHEDULED DATE ON WHICH
THE BUYER FAILED TO MAKE A REQUIRED PAYMENT.

(B)    IF THE BUYER DEFAULTS UNDER PARAGRAPH (A) OF THIS
SECTION, THE SELLER MAY IMMEDIATELY CANCEL THE LAYAWAY
AGREEMENT AND RECOVER FROM THE BUYER LIQUIDATED DAMAGES
UNDER PARAGRAPH (C) OF THIS SECTION OR 14-1107, AS
APPLICABLE.

(C)    IF THE BUYER DEFAULTS UNDER A LAYAWAY AGREEMENT 8
OR MORE CALENDAR DAYS AFTER THE DATE OF ITS EXECUTION, THE
SELLER MAY RETAIN AS LIQUIDATED DAMAGES AN AMOUNT NOT TO
EXCEED 10 PERCENT OF THE LAYAWAY PRICE OR THE TOTAL AMOUNT
PAID BY THE BUYER TO THE DATE OF DEFAULT, WHICHEVER IS LESS.

(D)    UNLESS OTHERWISE PROVIDED IN THE LAYAWAY
AGREEMENT, PARAGRAPH (C) OF THIS SECTION DOES NOT APPLY IF
THE BUYER DEFAULTS UNDER A SPECIAL ORDER TRANSACTION.

(E)    EXCEPT AS PROVIDED IN § 14-1104(C), AT ANY TIME
BEFORE DELIVERY OR TENDER OF DELIVERY, AND BEFORE DEFAULT BY
THE BUYER, THE LAYAWAY AGREEMENT MAY BE CANCELLED BY THE
BUYER. HOWEVER, THE SELLER MAY RETAIN FROM THE REFUND DUE
THE BUYER LIQUIDATED DAMAGES IN AN AMOUNT WHICH IS THE
LESSER OF 10 PERCENT OF THE LAYAWAY PRICE OR THE TOTAL
AMOUNT PAID BY THE BUYER TO THE DATE OF CANCELLATION.

14-1107.

IF THE BUYER DEFAULTS UNDER A SPECIAL ORDER
TRANSACTION, THE SELLER MAY EXERCISE ALL RIGHTS AND REMEDIES
AVAILABLE AT EITHER LAW OR EQUITY, INCLUDING THOSE RIGHTS