Ch. 326                                    1996 LAWS OF MARYLAND

(ii) When the credit grantor receives a written notice from the
Commissioner [of Consumer Credit] OF FINANCIAL REGULATION or the appropriate
regulatory authority notifying the credit grantor of an error or violation; or

(iii) When the credit grantor receives service of process in a civil action
for an error or violation instituted by the borrower in a court of competent jurisdiction.

12-1021.

(j) (1) (i) Subject to subsection (1) 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 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] OF FINANCIAL
REGULATION. 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] OF FINANCIAL
REGULATION and that the Commissioner may provide the information 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

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