Ch. 4                                  1994 LAWS OF MARYLAND

Article - Commercial Law

12-1021.

(j) (1) (i) Subject to subsection (l) of this section, the credit grantor shall sell
the property that was repossessed at:             

1.       Subject to paragraph (2) of this subsection, a private sale; or

2.       A public auction.

(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.

(2) In all case's of a private sale of repossessed goods under this section, a
full accounting shall be made to the borrower in writing arid the seller shall file a copy of
this accounting with the Commissioner of Consumer Credit. This accounting shall contain
the following information:

(i) The unpaid balance at the time the goods were repossessed;

(ii) The refund credit of unearned finance charges and insurance
premiums, if any;

(iii) The remaining net balance;

(iv) The proceeds of the sale of the goods;

(v) The remaining deficiency balance, if any, or the amount due the

buyer;

(vi) All expenses incurred as a result of the sale;

(vii) The requirement that the purchaser's name, address, and business
must be filed by the seller with the Commissioner of Consumer Credit and that the
Commissioner may provide the information to the borrower whenever it is necessary to
ascertain that:

mariner; and

1.       The sale was accomplished in a commercially reasonable

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 "goods at" the time, of
repossession which would cause their value to be increased or decreased above of below
the market value for goods of like kind and quality.

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