WILLIAM DONALD SCHAEFER, Governor

S.B. 209

(3) The exact location where the goods are stored and the address where
any payment is to be made or notice delivered.

(f)      For 15 days after the lender gives the notice required by subsection (e) of this
section, the lender shall retain any repossessed goods.

(g)     During the period provided for in subsection (f) of this section, the borrower
may:

(1)     Redeem and take possession of the goods; and

(2)     Resume the performance of the agreement.
(h) To redeem the goods, 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;

(2)     Tender performance of any other promise for the breach of which the
goods were repossessed; and

(3)     If the discretionary notice provided for in subsection (c) of this section
was given, pay the actual and reasonable expenses of retaking and storing the goods.

(i) This section does not apply if the borrower was guilty of fraudulent conduct,
intentionally and wrongfully concealed, removed, damaged, or destroyed the goods, or
attempted to do so, and the goods were repossessed because of that conduct.

(j) (1) The lender shall sell the repossessed goods at private sale (subject to the
provisions of paragraph (2) of this subsection) or at public auction. At least 10 days
before the sale, the lender shall notify the borrower in writing sent by certified mail,
return receipt requested, sent to the borrower's last known address of the time and place
of sale. Any sale of repossessed property must be accomplished in a commercially
reasonable manner.

(2) In all cases of a private sale of repossessed goods under this section, a
full accounting shall be made to the borrower in writing and 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;
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