WILLIAM DONALD SCHAEFER, Governor                            Ch. 549

(III) THE REMAINING NET BALANCE;

(IV) THE PROCEEDS OF THE SALE OF THE PROPERTY;

(V) THE REMAINING DEFICIENCY BALANCE, IF ANY, OR THE
AMOUNT DUE THE BORROWER;

(VI) ALL EXPENSES INCURRED AS A RESULT OF THE SALE;

(VII) A STATEMENT THAT THE BANK COMMISSIONER MAY REQUIRE
THE BUYER'S NAME AND BUSINESS ADDRESS TO BE PROVIDED TO THE BORROWER
WHENEVER IT IS NECESSARY TO ASCERTAIN THAT:

1. THE SALE WAS ACCOMPLISHED IN A COMMERCIALLY
REASONABLE MANNER; AND

2. ANY ALLEGED DEFICIENCY BALANCE DUE THE SELLER
IS, IN FACT, DUE;

(VIII)THE NUMBER OF BIDS SOUGHT AND RECEIVED; AND

(IX) ANY STATEMENT AS TO THE CONDITION OF THE PROPERTY AT
THE TIME OF REPOSSESSION WHICH WOULD CAUSE THE VALUE TO BE INCREASED
OR DECREASED ABOVE OR BELOW THE MARKET VALUE FOR PROPERTY OF LIKE

KIND AND QUALITY.

(3) (I) THE BANK COMMISSIONER MAY MAKE A DETERMINATION
THAT A PRIVATE SALE WAS NOT ACCOMPLISHED IN A COMMERCIALLY
REASONABLE MANNER.

(II) IF THE BANK COMMISSIONER DETERMINES THAT A PRIVATE
SALE WAS NOT ACCOMPLISHED IN A COMMERCIALLY REASONABLE MANNER, THE
BANK COMMISSIONER MAY ENTER AN ORDER DISALLOWING ANY CLAIM FOR A
DEFICIENCY BALANCE.

(K) (1) THIS SUBSECTION SHALL APPLY TO A PUBLIC SALE OF PROPERTY
WHICH SECURED A LOAN IN EXCESS OF $2,000 AT THE TIME THE LOAN WAS MADE.

(2) THE PROCEEDS OF A PUBLIC SALE 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 PROPERTY; AND

(III) THE UNPAID BALANCE OWING UNDER THE AGREEMENT AT
THE TIME THE PROPERTY WAS REPOSSESSED.

(3) THE CREDIT UNION SHALL FURNISH TO THE BORROWER A WRITTEN
STATEMENT WHICH SHOWS THE DISTRIBUTION OF THE PROCEEDS.

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