Ch. 218 1997 LAWS OF MARYLAND

(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
property was 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 property.

(i) This section does not apply if the consumer borrower was guilty of fraudulent
conduct, intentionally and wrongfully concealed, removed, damaged, or destroyed the
property, or attempted to do so, and the property was repossessed because of that
conduct, or if the property has been previously repossessed from the consumer borrower
and redeemed by the consumer borrower.

(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]
RETAIN a copy of this accounting [with the Commissioner of Financial Regulation] FOR
AT LEAST 24 MONTHS. 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 purchaser's name, address, and business;

(viii) The number of bids sought and received; and

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