HARRY HUGHES, Governor                                     2823

Approved May 28, 1985.

CHAPTER 585

(Senate Bill 878)

AN ACT concerning

Closed End Credit - Repossession

FOR the purpose of making certain clarifying stylistic changes in
the law on the repossession of tangible personal property by
closed end credit grantors.

BY repealing and reenacting, with amendments,

Article - Commercial Law

Section 12-1021

Annotated Code of Maryland

(1983 Replacement Volume and 1984 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Commercial Law

12-1021.

(a) (1) A credit grantor may repossess tangible personal
property securing a plan under an agreement if the consumer
borrower is in default.

(2) The credit grantor may repossess tangible
personal property from a consumer borrower only by:

(i) Legal process; or

(ii) Self-help, without use of force.

(b) Nothing in this section authorizes a violation of
criminal law.

(c) (1) At least 10 days before a credit grantor
repossesses any tangible personal property, the credit grantor
may serve a written notice on the consumer borrower of the
intention to repossess the tangible personal property.

(2) The notice shall:

(i) State the default and any period at the end
of which the tangible personal property will be repossessed; and