PARRIS N. GLENDENING, Governor

Ch. 602

(6) ALL EXPENSES INCURRED AS A RESULT OF THE SALE.

(D)     THE COMMISSIONER OF CONSUMER CREDIT MAY MAKE A
DETERMINATION CONCERNING ANY PRIVATE SALE THAT THE SALE WAS NOT
ACCOMPLISHED IN A COMMERCIALLY REASONABLE MANNER. UPON THAT
DETERMINATION, THE COMMISSIONER MAY ENTER AN ORDER DISALLOWING ANY
CLAIM FOR A DEFICIENCY BALANCE.

(E)     (1) THE PROCEEDS OF A SALE TO WHICH THIS SECTION APPLIES SHALL
BE APPLIED, IN THE FOLLOWING ORDER, TO:

(I)      THE ACTUAL AND REASONABLE COSTS OF THE SALE;

(II)     THE ACTUAL AND REASONABLE COSTS OF RETAKING AND
STORING THE PROPERTY; AND

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

(2)      THE LESSOR SHALL FURNISH TO THE LESSEE A WRITTEN
STATEMENT WHICH SHOWS THE DISTRIBUTION OF THE PROCEEDS.

(3)      IF THE PROVISIONS OF THIS SUBTITLE, INCLUDING THE
REQUIREMENT OF FURNISHING A NOTICE FOLLOWING REPOSSESSION, ARE NOT
FOLLOWED, THE LESSOR SHALL NOT BE ENTITLED TO ANY DEFICIENCY JUDGMENT
TO WHICH IT WOULD BE ENTITLED UNDER THE LEASE AGREEMENT.

14-2010.

ANY PENALTIES OR CHARGES SET FORTH IN THE LEASE OR CLAIMED BY THE
LESSOR IN THE EVENT OF EARLY TERMINATION OR DEFAULT MUST COMPLY WITH
THE STANDARDS SET FORTH IN THE CONSUMER LEASING ACT.

Article - Transportation

11-127.1.

(a) "Lease intended as security" means a lease of a vehicle by an individual
primarily for personal, family, or household purposes for more than 180 consecutive days,
including renewal periods, in which:

(1)     The lessee is provided the option to purchase the leased vehicle; and

(2)     Under the terms of the purchase option, the lessee becomes or has the
option to become the owner of the vehicle for:

(i) No additional consideration; or

(ii) 1. In the case of a new vehicle, a nominal consideration of:

A. 20 percent or less of the "value at consummation" of the
vehicle as that term is defined in 12 C.F.R. § 213.2(a)(18); or

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