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§ 14-1103. Contents of layaway agreement

West's Annotated Code of MarylandCommercial LawEffective: April 8, 2014

West's Annotated Code of Maryland
Commercial Law
Title 14. Miscellaneous Consumer Protection Provisions
Subtitle 11. Layaway Sales (Refs & Annos)
Effective: April 8, 2014
MD Code, Commercial Law, § 14-1103
§ 14-1103. Contents of layaway agreement
Currentness
(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 of or other services to the consumer goods which, separate from the cash price, are included in the layaway agreement;
(6) The sum of the cash price in item (4) of this subsection and the charges for services in item (5) of this subsection;
(7) The amount of the buyer's down payment, together with:
(i) A statement of the respective amounts credited for cash, credits, and the agreed value of any goods traded in; and
(ii) A description of all goods traded sufficient to identify them;
(8) The unpaid balance of the cash price payable by the buyer to the seller, which is the sum specified in item (6) of this subsection less the amount in item (7) of this subsection;
(9) The service charge;
(10) The total of payments owed by the buyer to the seller, which is the sum of items (8) and (9) of this subsection, the number of installment payments required to pay it, and the amount and time of each payment;
(11) The layaway price, which is the sum of items (6) and (9) of this subsection; and
(12) A clear and concise statement of all consequences of buyer's default.
(b) Subsection (a)(4) through (12) of this section does not apply to any layaway sale subject to the disclosure provisions of the federal Truth in Lending Act1 if the seller complies with the applicable disclosure provisions of the federal act and its regulation.

Credits

Added by Acts 1978, c. 673, § 3, eff. July 1, 1978. Amended by Acts 1979, c. 65; Acts 2014, c. 45, § 1, eff. April 8, 2014.

Footnotes

1
Pub.L. 90-321, Title I, May 29, 1968, 82 Stat. 146, codified at 15 U.S.C.A. § 1601 et seq.
MD Code, Commercial Law, § 14-1103, MD COML § 14-1103
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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