Ch. 549

1994 LAWS OF MARYLAND

(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 goods;
and                                                                       

(iii) The unpaid balance owing under the agreement at the time the
goods are repossessed.

(3)     The lender shall furnish to the buyer 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 lender shall not be entitled to any
deficiency judgment to which he would be entitled under the loan agreement.

(1) If there is no resale of repossessed goods, all obligations of the borrower
under the agreement shall be discharged, and the holder may retain the goods as his own
property without obligation to account to the buyer.

12-116.

Any loan made before July 1, 1982, which is refinanced at a higher rate pursuant to
Sections 12-103(a) and (c), 12-306, or 12-404 of the Commercial Law Article tor Section
6-507 of the Financial Institutions Article] must comply with the following requirements:

(1) The lender must give the following disclosures in writing to the borrower
prior to the execution by the borrower of the new loan agreement:

If you do agree to consolidate your existing loan, you will be paying an annual

percentage rate of.....% on the existing net balance of $.........instead of the rate of

......% which you are now paying.

Schedule of Monthly Payments

Separate loan agreements
$ ....... per month for
the next .......months

then

$ ....... per month for
.... months after that

Separate loan agreements
$ ....... total of payments
for your existing loan
.... for your new loan
total of payments

Consolidated loan agreement
$ ....... per month for
the next .......months

Total of Payments

Consolidated loan agreement
$ ....... total of payments
for your Consolidated
loan

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