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 12-602 – 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 […]