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Ch. 143
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754
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LAWS OF MARYLAND
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(2) TENDER PERFORMANCE OF ANY OTHER PROMISE FOR THE
BREACH OF WHICH THE PROPERTY WAS REPOSSESSED; AND
(3) IF THE DISCRETIONARY NOTICE PROVIDED FOR IN
SUBSECTION (C) OF THIS SECTION WAS GIVEN, PAY THE ACTUAL AND
REASONABLE EXPENSES OF RETAKING AND STORING THE PROPERTY.
(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 LOAN IN EXCESS OF $2,000 AT THE
TIME THE LOAN 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 LOAN
AGREEMENT.
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SECTION 2. AND BE IT FURTHER ENACTED, That the State Bank
Commissioner, the Commissioner of Consumer Credit, and the
Director of the Division of Savings and Loans shall monitor loans
and extensions of credit made under this Act in order to report
to the Maryland General Assembly any areas of abuse arising out
of such loans or extensions of credit.
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