Section 12-635 – Prepayment
(a) A sales finance company shall permit a buyer to prepay in full or in part at any time, without penalty, the outstanding balance payable under a renewal, extension, or refund agreement. (b) If a buyer prepays the entire outstanding balance, the sales finance company shall pay or credit to him the unearned portion of the charge.
Section 12-636 – Penalties
(a) Any person who knowingly violates or participates in the violation of any provision of Part II of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $100 for the first offense and not exceeding $500 for any subsequent offense. (b) Any person who violates or participates in the […]
Section 12-626 – Repossession — Resale of Goods
(a) Subject to the provisions of subsection (b) of this section, the holder shall sell any repossessed goods at public auction if the buyer: (1) Has paid at least 50 percent of the cash price of the goods; and (2) Within the 15-day period provided for in § 12-625(a) of this subtitle, requests sale of the goods in […]
Section 12-627 – Repossession — Discharge of Agreement in Absence of Resale
If there is no resale of repossessed goods under § 12-626 of this subtitle, all obligations of the buyer under the agreement shall be discharged, and the holder may retain the goods as his own property without obligation to account to the buyer.
Section 12-628 – Promissory Note
(a) If, as part of an installment sale, a promissory note is taken by a seller or sales finance company, the note shall refer to the agreement out of which it arises. (b) If the note is assigned, it is subject to all defenses which the buyer might have asserted against the seller or sales finance company, […]
Section 12-629 – Waiver by Buyer Invalid
No act, agreement, or statement of a buyer in an agreement may constitute a valid waiver of any benefit or protection provided to him under this subtitle.
Section 12-630 – Violation of Subtitle
(a) Except as provided by subsections (b) and (c) of this section, a holder may not collect or receive any finance, delinquency, or collection charge from the buyer if: (1) The agreement does not contain the information required by §§ 12-604 through 12-606 of this subtitle; (2) The seller fails to deliver to the buyer a required copy […]
Section 12-631 – Jurisdiction of Commissioner of Financial Regulation
(a) If a complaint for violation of any provision of Part II of this subtitle is filed with the Commissioner of Financial Regulation, he may investigate the complaint and hold a hearing on it in accordance with § 11-413 of the Financial Institutions Article. (b) The Commissioner shall give to the person complained against at least ten […]
Section 12-632 – Permitted Transactions
In connection with an installment sale agreement, a sales finance company may: (1) Renew or extend the time for payment of any installment sale agreement or any installment; or (2) Refund to the buyer, for subsequent repayment by him, the amount of any installment previously paid.
Section 12-633 – Written Agreement
(a) (1) Except as provided in paragraph (2) of this subsection, any renewal, extension, or refund made under § 12-632 of this subtitle shall be by a written agreement signed by each party. (2) If an extension is granted without any additional charge, the agreement need be signed only by the sales finance company. (b) (1) At the time a […]