2412

LAWS OF MARYLAND

Ch. 611

(iii) The party to whom the insurance is
payable; and

(iv) A concise description of the
coverage, including, if the goods sold include a motor
vehicle, a definite statement in 12-point bold type or
larger as to whether the insurance includes coverage for
personal liability and for property damage caused to others;

(7)  The amount of any official fees charged to
the buyer which the seller expects to be paid to a public
official for filing or recording the installment sale
agreement or other instrument securing or evidencing the
buyer's obligation OR AN EQUAL OR LESSER AMOUNT FOR A
NONFILING INSURANCE PREMIUM AT RATES APPROVED BY THE
INSURANCE COMMISSIONER AND ON WHICH NO PREMIUMS COMMISSIONS
MAY BE PAID;

(8)  The principal balance owed, which is the sum
of items (5), (6), and (7);

(9)  The finance charge stated as a sum in
dollars; and

(10)  The time balance owed by the buyer to the
seller, which is the sum of items (8) and (9), the number of
installment payments required to pay it, and the amount and
time of each payment.

(11) THE AMOUNT OF ANY OFFICIAL FEES CHARGED TO
THE BUYER WHICH THE SELLER EXPECTS TO BE PAID TO A PUBLIC
OFFICIAL FOR FILING OR RECORDING THE INSTALLMENT SALE
AGREEMENT OR OTHER INSTRUMENT SECURING OR EVIDENCING THE
BUYER'S OBLIGATION, OR AN EQUAL OR LESSER AMOUNT FOR A
NONFILING INSURANCE POLICY PREMIUM AT RATES APPROVED BY THE
INSURANCE COMMISSIONER AND UPON WHICH NO COMMISSIONS SHALL
BE PAID.

(c) In addition to the items in subsections (a) and
(b) of this section, the installment sale agreement shall:

(1)  State clearly any collateral security taken
for the buyer's obligation under it; and

(2)  Contain the following notice in 12-point
bold type or larger, directly above the space reserved in
the agreement for the signature of the buyer:

Notice to Buyer

1.  You are entitled to a copy of this agreement at the
time you sign it.

2.  Under the State law regulating installment sales,
you have certain rights, among others:

(1) To pay off the full amount due in advance
and obtain a partial rebate of the financing charge;