(a) In this subtitle the following words have the meanings indicated. (b) (1) “Buyer” means a person who buys consumer goods under a layaway agreement, even though he has entered into one or more renewal, extension, or refund agreements. (2) “Buyer” includes a prospective buyer. (c) “Cash price” means the minimum price for which consumer goods subject to a layaway […]
A layaway agreement shall be in writing and contain all of the agreements of the parties and shall be signed by all of the parties to it.
(a) A layaway agreement shall include: (1) The full name, place of residence, and post office address of each party to it; (2) The date when signed by the buyer; (3) A clear description of the consumer goods sold sufficient to identify them readily; (4) The cash price of the consumer goods sold; (5) All charges for delivery, installation, or repair […]
(a) At or before the time the buyer signs a layaway agreement, the seller shall give him an exact copy signed by the seller. (b) Upon execution of a layaway agreement, the seller shall hold for the buyer or agree to deliver to the buyer on a date mutually acceptable to both parties, the consumer goods or […]
(a) The seller may not increase the layaway price of the consumer goods sold under a layaway agreement. (b) If, within 10 calendar days after the execution of a layaway agreement, the seller reduces the selling price of existing items in his stock or inventory identical to those being held for a buyer, the seller shall credit […]
(a) The buyer is in default under a layaway agreement whenever 15 days has lapsed from the scheduled date on which the buyer failed to make a required payment. (b) If the buyer defaults under subsection (a) of this section, the seller may immediately cancel the layaway agreement and recover from the buyer liquidated damages under subsection […]
If the buyer defaults under a special order transaction, the seller may exercise all rights and remedies available at either law or equity, including those rights and remedies as provided in the Uniform Commercial Code, Title 2 “Sales,” Subtitle 7 “Remedies,” of this article.
The Retail Installment Sales Act, Title 12, Subtitle 6 of this article, does not apply to any sale of consumer goods regulated by this subtitle.
(a) If the seller fails to comply with § 14-1102, § 14-1103, or § 14-1104 of this subtitle, the buyer, before delivery by the seller and acceptance by the buyer of consumer goods purchased under a layaway agreement, may cancel the layaway agreement and receive from the seller a refund of all payments made under the […]
This subtitle may be cited as the Maryland Layaway Sales Act.
