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 12-601 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Agreement” means an installment sale agreement, a renewed or extended installment sale agreement, and any renewal, extension, or refund agreement made in connection with an installment sale agreement. (c) (1) “Buyer” means a person who buys or leases goods under an installment sale agreement, even though the […]
Section 12-602 – False Advertising Prohibited
A seller or sales finance company may not make in any advertisement, publication, display, broadcast, solicitation, or representation any false, misleading, or deceptive statement relating to: (1) Any finance, delinquency, or extension charge or rate; or (2) The security interest, collateral, terms, or conditions on which it will make or finance any installment agreement.
Section 12-603 – Discrimination Prohibited
A seller or sales finance company may not discriminate against a buyer solely on the basis of the sex, marital status, geographic area of residence, neighborhood of residence, or age of the buyer. Refusal to grant credit to a buyer who is under the age of 18 is not discrimination solely on the basis of […]
Section 12-604 – Form of Installment Sale Agreement
An installment sale agreement shall be evidenced by an instrument in writing which contains all of the agreements of the parties. It shall be signed by all parties before the seller delivers to the buyer any of the goods covered by the agreement.
Section 12-605 – Delivery of Installment Sale Agreement and Receipt; Right to Cancel
(a) (1) At or before the time the buyer signs an installment sale agreement, the seller shall deliver to him an exact copy of it. (2) If the seller does not sign the copy, and if, within 15 days after the buyer signs the installment sale agreement, the seller does not deliver to the buyer a copy of […]
Section 12-606 – Disclosures Required in Installment Sale Agreement
(a) An installment sale agreement shall: (1) State the full name, place of residence, and post office address of each party to it; (2) State the date when signed by the buyer; and (3) Contain a clear description of the goods sold sufficient to identify them readily. (b) An installment sale agreement also shall state in simple tabular form the […]
Section 12-607 – Provisions Not Allowed in Instruments
(a) A holder may not take or receive any instrument from a buyer or a surety for a buyer, which contains: (1) Except as provided in subsection (b) of this section, any blank space to be filled in after the instrument is signed by a party to it; (2) A confession of judgment or any power of attorney […]