Section 12-615 – Refund of Deposit
(a) (1) If, in addition to any down payment, a buyer is required under an installment sale agreement to make a payment to a seller before the seller is obligated to deliver the goods sold, the buyer may cancel the installment sale agreement before delivery or tender of the goods by the seller. (2) Notwithstanding any provision of […]
Section 12-616 – Credit for Recording and Filing Fees
(a) If the holder does not pay out to a public official the full amount charged to the buyer for filing and recording instruments, the buyer shall receive credit for the amount so charged to him and not paid out. (b) The holder shall credit the amount of the overcharge against the last installment or installments under […]
Section 12-617 – Payments and Receipts
(a) (1) If a payment is made on account of an agreement, the person receiving the payment shall give the buyer on his request, or, if payment is made in cash, without request, a complete written receipt for the payment. (2) If the buyer specifies that the payment is made on one of several obligations, the receipt shall […]
Section 12-618 – Add-on Contract
(a) In this section, “add-on contract” means an installment sale agreement which allows the inclusion in it of additional goods subsequently purchased and under which the amount due on the subsequent purchase is combined with an unpaid balance on any prior purchase so as to permit the seller to retain a security interest in all goods […]
Section 12-619 – Extension of Due Date or Deferral of Payments
(a) The holder of an installment sale agreement on which the finance charge is computed in advance may: (1) By agreement with the buyer, extend the scheduled due date or defer the scheduled payment of all or part of the installments payable under it; and (2) Charge the buyer an extension or deferral charge. (b) The extension or deferral […]
Section 12-620 – Prepayment
(a) Notwithstanding the provisions of § 12-601(k) of this subtitle and any provision of an installment sale agreement to the contrary, a buyer may prepay at any time, without penalty, all or any part of the unpaid time balance payable under the installment sale agreement if such agreement is for the retail sale of personal property […]
Section 12-621 – Statement of Account
(a) At any time after execution of an agreement, but not later than one year after the last payment is made under it, the holder shall deliver or mail to the buyer at his last known address, within 10 days after the holder receives a written request from the buyer, a copy of the agreement and […]
Section 12-608 – Catalog Sale
(a) This section applies to an installment sale agreement negotiated and entered into without personal solicitation by a salesman or other representative of a seller, if the seller’s prices, terms of payment, and other terms are clearly set forth in a catalog or other printed solicitation of business which is generally available to the public and […]
Section 12-622 – Cancellation of Contract and Release of Security
(a) (1) After the buyer has paid all sums due under an agreement, the holder shall deliver or mail to the buyer at his last known address, within 15 days after the holder receives a written request from the buyer: (i) A signed statement which describes the goods and states that all payments due or to become due […]
Section 12-609 – Motor Vehicles
(a) The finance charge imposed on the sale of a motor vehicle may not exceed an amount computed using the following annual simple interest rates of finance charge: (1) Class 1: A new motor vehicle — 16.5 percent on the outstanding balance; (2) Class 2: A used motor vehicle designated by the manufacturer by a model year not […]