HARRY HUGHES, Governor                                     2825

2. INTENTIONALLY AND WRONGFULLY CONCEALS;
REMOVES, DAMAGES, OR DESTROYS THE PROPERTY; OR

3. ATTEMPTS TO INTENTIONALLY AND

WRONGFULLY CONCEAL, REMOVE, DAMAGE, OR DESTROY THE PROPERTY; AND
OR

(II) THE PROPERTY:

1. IS REPOSSSESSED BECAUSE OF THE CONSUMER
BORROWER'S CONDUCT; OR

2. WAS PREVIOUSLY REPOSSESSED FROM THE
CONSUMER BORROWER AND REDEEMED BY THE CONSUMER BORROWER.

(i) [This SUBSECTION (H) OF 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)] (J) (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.