S.B. 209                                                        VETOES

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.

          (4) IF THE PROVISIONS OF THIS SECTION, INCLUDING THE
REQUIREMENT OF FURNISHING A NOTICE FOLLOWING REPOSSESSION, ARE NOT
FOLLOWED, THE CREDIT UNION SHALL. NOT BE ENTITLED TO ANY DEFICIENCY
JUDGMENT TO WHICH THE CREDIT UNION WOULD BE ENTITLED UNDER THE LOAN

AGREEMENT.

(L) (1) (I) IN THIS SUBSECTION, "CONSUMER GOODS", MEANS TANGIBLE
PERSONAL PROPERTY USED OR BOUGHT FOR USE PRIMARILY FOR PERSONAL,
FAMILY, OR HOUSEHOLD PURPOSES THAT IS:

1. MOVABLE AT THE TIME A SECURITY INTEREST
ATTACHES; OR

                  2. A FIXTURE.

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