Ch. 5

LAWS OF MARYLAND

Error: Function paragraph of bill being cured
incorrectly stated that Article 2B, § 21(a) was
unamended.

Occurred: Chapter 82 (House Bill 292) of the Acts of
1987.

Noted by: The Michie Company, publisher of the
Annotated Code of Maryland.

Article - Commercial Law

12-115.

(j) (1) The lender shall sell the repossessed goods at
private sale (subject to the provisions of paragraph (2) of this
subsection) or at public auction. At least 10 days before the
sale, the lender shall notify the borrower in writing sent by
certified mail, return receipt requested, sent to the borrower's
last known address of the time and place of sale. Any sale of
repossessed property must be accomplished in a commercially
reasonable manner.

(2) In all cases of a private sale of repossessed
goods under this section, a full accounting shall be made to the
borrower in writing and the seller shall file a copy of this
accounting with the Commissioner of Consumer Credit. This
accounting shall contain the following information:

(i) The unpaid balance at the time the goods
were repossessed;

(ii) The refund credit of unearned finance
charges and insurance premiums, if any;

(iii) The remaining net balance;

(iv) The proceeds of the sale of the goods;

(v) The remaining deficiency balance, if any,
or the amount due the buyer;

(vi) All expenses incurred as a result of the
sale;

(vii) The purchaser's name, address, and
business;

(viii) The number of bids sought and received;
and

(ix) Any statement as to the condition of the
goods at the time of repossession which would cause their value

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