WILLIAM DONALD SCHAEFER, Governor                        Ch. 5

to be increased or decreased above or below the market value for
goods of like kind and quality.

(3) The Commissioner of Consumer Credit may make a
determination concerning any private sale that the sale was not
accomplished in a commercially reasonable manner. Upon that
determination, the Commissioner may enter an order disallowing
any claim for a deficiency balance.

12-1021.

(j) (1) The credit grantor shall sell the property that was
repossessed 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 credit grantor shall notify the
consumer borrower in writing sent by certified mail, return
receipt requested, sent to the consumer 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
to be increased or decreased above or below the market value for
goods of like kind and quality.

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