Section 12-624 – Repossession — Holder’s Right to Repossess
(a) The holder may repossess goods sold under an agreement if: (1) The buyer is in default in: (i) The payment of any sum due under the agreement; (ii) The performance of any other condition which the agreement lawfully requires him to perform in order to obtain unencumbered title to the goods; or (iii) The performance of any promise the […]
Section 12-610.1 – Consumer Goods — Refinancing of Agreement at Higher Rate
Any agreement made before July 1, 1982, which is refinanced at a higher rate allowed by § 12–609(f) or § 12–610(3) of this subtitle must comply with the following requirements: (1) The holder must give the following disclosures in writing to the buyer prior to the execution by the buyer of the new agreement: If you […]
Section 12-625 – Repossession — Buyer’s Right of Redemption
(a) For 15 days after the holder gives the notice required by § 12-624(d) of this subtitle, the holder shall retain any repossessed goods in the county where the goods were sold to the buyer or were repossessed. (b) During the period provided for in subsection (a) of this section, the buyer may: (1) Redeem and take possession […]
Section 12-610.2 – Consumer Goods — Change in Finance Charge Prohibited
A holder may not enter into a retail installment sales agreement, providing for an initial rate of finance charge pursuant to § 12-609(f) or § 12-610(3) of this subtitle, which contains a provision that permits the holder to increase or decrease the applicable rate of finance charge from time to time during the term of […]
Section 12-611 – Consumer Goods — Computation of Finance Charge; Payment of Installments; Payment After Assignment
(a) (1) The finance charge under an installment sale agreement relating to consumer goods or a motor vehicle may be computed: (i) On the actual unpaid principal outstanding from time to time; or (ii) In advance, at the time the agreement is made, by adding to the principal balance the amount of the finance charge that would be earned […]
Section 12-612 – Consumer Goods — Prepayment
(a) Notwithstanding the provisions of § 12-601(k) of this subtitle, for the purposes of this section, “goods” means any personal property bought for use primarily for personal, family, or household purposes regardless of the cash price of the goods. (b) A buyer may prepay at any time, without penalty, all or part of the outstanding balance payable […]
Section 12-613 – Insurance
(a) The provisions of this section are in addition to and not in substitution for any other applicable provision of statutory law. (b) If a holder undertakes at the expense of the buyer to sell, purchase, or supply insurance on the goods sold, the amount charged the buyer for the insurance may not exceed the lesser of: […]
Section 12-614 – Additional Charges
(a) Except as provided in subsection (b) of this section, a holder may not directly or indirectly contract for, charge, or receive from a buyer or a surety for a buyer on account of or in connection with any agreement, any charge or amount for the extension of credit, interest, fees, commissions, delinquency, collection, repossession, and […]
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 […]