Ch. 404                                         1993 LAWS OF MARYLAND

(3)      IN THE CASE OF A PURCHASE MONEY SECURITY INTEREST, IN
CONSUMER GOODS, IF A CONSUMER BORROWER HAS PAID 60 PERCENT OF THE
CASH PRICE AND, AFTER DEFAULT, HAS NOT SIGNED A STATEMENT RENOUNCING
OR MODIFYING THE CONSUMER. BORROWER'S RIGHTS UNDER THIS SUBSECTION, A
CREDIT GRANTOR WHO HAS REPOSSESSED THE CONSUMER GOODS MUST' TAKE
REASONABLE ACTION WITHIN 90 DAYS AFTER THE REPOSSESSION TO COMMENCE
DISPOSAL OF THEM IN THE MANNER PROVIDED UNDER SUBSECTION (J) OF THIS
SECTION WITHIN 90 DAYS AFTER THE REPOSSESSION.

(4)       (I) IN ANY OTHER CASE INVOLVING TANGIBLE. PERSONAL
PROPERTY SECURING A PLAN, A CREDIT GRANTOR MAY, AFTER DEFAULT, PROPOSE
TO RETAIN THE PROPERTY IN FULL SATISFACTION OF THE OBLIGATIONS OF THE
BORROWER UNDER THE PLAN.

(II)     IF, AS AUTHORIZED BY SUBPARAGRAPH (I) OF THIS
PARAGRAPH, A CREDIT GRANTOR PROPOSES TO RETAIN PROPERTY IN FULL
SATISFACTION OF THE OBLIGATIONS OF THE BORROWER UNDER THE PLAN, THE
CREDIT GRANTOR SHALL SEND WRITTEN NOTICE OF THE PROPOSAL SHALL BE SENT
TO:

        1. THE CONSUMER BORROWER; OR AND

2. EXCEPT IN THE CASE OF CONSUMER GOODS, ANY OTHER
PERSON WHO HAS A SECURITY INTEREST IN THE PROPERTY AND WHO:

A.       HAS DULY FILED A FINANCING STATEMENT INDEXED IN
THE NAME OF THE CONSUMER BORROWER IN THIS STATE; OR

B.        IS KNOWN BY THE CREDIT GRANTOR TO HAVE A
SECURITY INTEREST IN THE PROPERTY.                                                 

(III)    1. IF THE CONSUMER BORROWER OR OTHER PERSON
ENTITLED TO RECEIVE NOTIFICATION OBJECTS IN WRITING WITHIN 30 DAYS FROM
THE SENDING OF THE NOTIFICATION, THE CREDIT GRANTOR MUST TAKE
REASONABLE ACTION TO DISPOSE OF THE PROPERTY IN THE MANNER PROVIDED
UNDER SUBSECTION (J) OF THIS SECTION.

2. IN THE ABSENCE OF WRITTEN OBJECTION, THE CREDIT
GRANTOR MAY RETAIN THE PROPERTY IN FULL SATISFACTION OF THE
OUTSTANDING UNPAID INDEBTEDNESS UNDER THE PLAN.

(5)      IF DESPITE COMPLYING WITH THE REQUIREMENTS OF THIS
SECTION THERE IS NO SALE OF TANGIBLE PERSONAL PROPERTY SECURING A PLAN
UNDER SUBSECTION (J) OF THIS SECTION:

(I)       THE CREDIT GRANTOR MAY RETAIN THE PROPERTY WITHOUT
OBLIGATION TO ACCOUNT TO THE BORROWER; AND

(II)     IF THE PROPERTY IS RETAINED, ALL OBLIGATIONS OF THE
BORROWER UNDER THE PLAN SHALL BE DISCHARGED.                      ...

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