Ch. 404                                         1993 LAWS OF MARYLAND

(II)     At least 10 days before the sale, the credit grantor shall notify the
consumer borrower in writing of the time and place of the sale, by certified mail, return
receipt requested, sent to the consumer borrower's last known address.

(III)    Any sale of; repossessed property must be accomplished in a
commercially reasonable manner.

(L) (1) (I) IN THIS SUBSECTION, "CONSUMER GOODS" MEANS ANYTHING .
WHICH IS TANGIBLE PERSONAL PROPERTY USED OR BOUGHT FOR USE PRIMARILY
FOR PERSONAL, FAMILY, OR HOUSEHOLD PURPOSES THAT IS:

L MOVABLE AT THE TIME A SECURITY INTEREST
ATTACHES OR WHICH IS; OR

2. A FIXTURE THAT. IS USED OR. BOUGHT FOR USE
PRIMARILY FOR PERSONAL, FAMILY, OR HOUSEHOLD PURPOSES.

(II) "CONSUMER GOODS" DOES NOT INCLUDE MONEY,
DOCUMENTS, INSTRUMENTS, ACCOUNTS, CHATTEL PAPER, GENERAL INTANGIBLES,
OR MINERALS OR OTHER NATURAL RESOURCES BEFORE EXTRACTION OR
GENERAL INTANGIBLES.                 

(2)      THIS SUBSECTION APPLIES TO TANGIBLE PERSONAL PROPERTY
SECURING A LOAN THAT:                                                                                   

(I)       HAS BEEN REPOSSESSED BY THE CREDIT GRANTOR; OR

(II)     IS IN ACTUAL OR CONSTRUCTIVE POSSESSION OF THE CREDIT
GRANTOR WHERE THE PERFECTION OF THE SECURITY INTEREST IN THE PROPERTY
DEPENDS ON THE POSSESSION OF THE PROPERTY.

(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 OR 60 PERCENT OF THE LOAN IN THE CASE OF ANOTHER SECURITY
INTEREST IN CONSUMER GOODS 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 LOAN, A CREDIT GRANTOR MAY, AFTER DEFAULT,
PROPOSE TO RETAIN THE PROPERTY IN FULL SATISFACTION OF THE OBLIGATIONS
OF THE BORROWER UNDER THE LOAN.

(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 LOAN, THE .
CREDIT GRANTOR SHALL SEND WRITTEN NOTICE OF THE PROPOSAL SHALL BE SENT
TO:

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