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742 LAWS OF MARYLAND Ch. 143
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(I) THIS SECTION DOES NOT APPLY IF THE CONSUMER BORROWER
WAS GUILTY OF FRAUDULENT CONDUCT, INTENTIONALLY AND WRONGFULLY
CONCEALED, REMOVED, DAMAGED, OR DESTROYED THE PROPERTY, OR
ATTEMPTED TO DO SO, AND THE PROPERTY WAS REPOSSESSED BECAUSE OF
THAT CONDUCT, OR IF THE PROPERTY HAS BEEN PREVIOUSLY REPOSSESSED
FROM THE CONSUMER BORROWER AND REDEEMED BY THE CONSUMER BORROWER.
(J) THE CREDIT GRANTOR SHALL SELL THE PROPERTY THAT WAS
REPOSSESSED AT PUBLIC AUCTION. AT LEAST 10 DAYS BEFORE THE SALE,
THE CREDIT GRANTOR SHALL NOTIFY THE CONSUMER BORROWER IN WRITING
SENT BY REGISTERED OR CERTIFIED MAIL SENT TO HIS LAST KNOWN
ADDRESS OF THE TIME AND PLACE OF SALE.
(K) (1) THE PROVISIONS OF THIS SUBSECTION APPLY TO A PUBLIC
SALE OF PROPERTY WHICH SECURED A PLAN IN EXCESS OF $2,000 AT THE
TIME THE PLAN WAS MADE.
(2) THE PROCEEDS OF A SALE TO WHICH THIS SUBSECTION
APPLIES SHALL BE APPLIED, IN THE FOLLOWING ORDER, TO:
(I) THE ACTUAL AND REASONABLE COST OF THE SALE;
(II) THE ACTUAL AND REASONABLE COST OF RETAKING
AND STORING THE PROPERTY; AND
(III) THE UNPAID BALANCE OWING UNDER THE
AGREEMENT AT THE TIME THE PROPERTY WAS REPOSSESSED.
(3) THE CREDIT GRANTOR SHALL FURNISH TO THE CONSUMER
BORROWER A WRITTEN STATEMENT WHICH SHOWS THE DISTRIBUTION OF THE
PROCEEDS.
(4) IF THE PROVISIONS OF THIS SECTION, INCLUDING THE
REQUIREMENT OF FURNISHING A NOTICE FOLLOWING REPOSSESSION, ARE
NOT FOLLOWED, THE CREDIT GRANTOR SHALL NOT BE ENTITLED TO ANY
DEFICIENCY JUDGMENT TO WHICH HE WOULD BE ENTITLED UNDER THE PLAN.
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Article - Commercial Law
SUBTITLE 10. BANK CREDIT GRANTOR CLOSED END CREDIT PROVISIONS
12-1001.
AS USED IN THIS SUBTITLE:
(A) "BANK", "BORROWER", AND CONSUMER BORROWER" HAVE THE
MEANINGS GIVEN IN SECTION 12-901 OF THIS TITLE.
(1) "CREDIT GRANTOR" MEANS ANY INDIVIDUAL,
CORPORATION, BUSINESS TRUST, ESTATE, TRUST, PARTNERSHIP,
ASSOCIATION, TWO OR MORE PERSONS HAVING A JOINT OR COMMON
INTEREST, OR ANY OTHER LEGAL OR COMMERCIAL ENTITY MAKING A LOAN
OR OTHER EXTENSION OF CREDIT UNDER THIS SUBTITLE WHICH IS
INCORPORATED, CHARTERED, OR LICENSED PURSUANT TO STATE OR FEDERAL
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