PARRIS N. GLENDENING, Governor

Ch. 218

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

(ix) Any statement as to the condition of the goods at the time of
repossession which would cause their value to be increased or decreased above or below
the market value for goods of like kind and quality.

[(3) In addition to the information required under paragraph (2) of this
subsection, the seller shall file with the Commissioner of Financial Regulation the
purchaser's name, address, and business address. The Commissioner may provide to the
borrower the purchaser's name, address, and business address if the Commissioner
determines that the borrower must have the information in order to ascertain that:

(i) The sale was accomplished in a commercially reasonable manner;

and

(ii) Any alleged deficiency balance due the seller is, in fact, due.]

[(4)](3) The Commissioner of Financial Regulation 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.

(k) (1) The provisions of this subsection 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 sale to which this subsection applies 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 grantor shall furnish to the consumer 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 grantor shall not be entitled
to any deficiency judgment to which he would be entitled under the loan agreement.

0) (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

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