WILLIAM DONALD SCHAEFER, Governor                           Ch. 549

(B)     NOTHING IN THIS SECTION AUTHORIZES A VIOLATION OF CRIMINAL

LAW.

(C) (1) AT LEAST 10 DAYS BEFORE A CREDIT UNION REPOSSESSES ANY
TANGIBLE PERSONAL PROPERTY, THE CREDIT UNION MAY SERVE A WRITTEN
NOTICE ON THE BORROWER OF THE INTENTION TO REPOSSESS THE TANGIBLE
PERSONAL PROPERTY.

(2)      THE NOTICE SHALL:

(I) STATE THE DEFAULT AND ANY PERIOD AT THE END OF WHICH
THE TANGIBLE PERSONAL PROPERTY WILL BE REPOSSESSED; AND

(II) BRIEFLY STATE THE RIGHTS OF THE BORROWER IN CASE THE
TANGIBLE PERSONAL PROPERTY IS REPOSSESSED.

(D)     THE NOTICE MAY BE DELIVERED TO THE BORROWER PERSONALLY OR
SENT TO THE LAST KNOWN ADDRESS OF THE BORROWER BY REGISTERED OR
CERTIFIED MAIL.

(E) WITHIN 5 DAYS AFTER THE CREDIT UNION REPOSSESSES THE TANGIBLE
PERSONAL PROPERTY, THE CREDIT UNION SHALL DELIVER TO THE BORROWER
PERSONALLY OR SEND TO THE LAST KNOWN ADDRESS OF THE BORROWER BY
REGISTERED OR CERTIFIED MAIL A WRITTEN NOTICE WHICH BRIEFLY STATES:

(1) THE RIGHT OF THE BORROWER TO REDEEM THE TANGIBLE
PERSONAL PROPERTY, AND THE AMOUNT PAYABLE FOR IT;

(2) THE RIGHTS OF THE BORROWER AS TO A RESALE, AND THE
LIABILITY OF THE BORROWER FOR A DEFICIENCY;

(3) THE EXACT LOCATION WHERE THE TANGIBLE PERSONAL
PROPERTY IS STORED; AND

(4)      THE ADDRESS WHERE ANY PAYMENT IS TO BE MADE.

(F) FOR 15 DAYS AFTER THE CREDIT UNION GIVES THE NOTICE REQUIRED
BY SUBSECTION (E) OF THIS SECTION, THE CREDIT UNION SHALL RETAIN ANY
REPOSSESSED PROPERTY.

(G) DURING THE PERIOD PROVIDED FOR IN SUBSECTION (F) OF THIS
SECTION, THE BORROWER MAY:

(1) REDEEM AND TAKE POSSESSION OF THE PROPERTY; AND

(2) RESUME THE PERFORMANCE OF THE AGREEMENT.

(H) TO REDEEM THE PROPERTY, THE BORROWER SHALL:

(1) TENDER THE AMOUNT DUE UNDER THE AGREEMENT AT THE TIME
OF REDEMPTION, WITHOUT GIVING EFFECT TO ANY PROVISION WHICH ALLOWS
ACCELERATION OF ANY INSTALLMENT OTHERWISE PAYABLE AFTER THAT TIME;

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