Home Table of Contents

§ 12-622. Holder's duty upon payment

West's Annotated Code of MarylandCommercial LawEffective: January 1, 2021

West's Annotated Code of Maryland
Commercial Law
Title 12. Credit Regulations
Subtitle 6. Retail Installment Sales (Refs & Annos)
Part II. Installment Sales
Effective: January 1, 2021
MD Code, Commercial Law, § 12-622
§ 12-622. Holder's duty upon payment
Currentness
(a)(1) After the buyer has paid all sums due under an agreement, the holder shall deliver or mail to the buyer at his last known address, within 15 days after the holder receives a written request from the buyer:
(i) A signed statement which describes the goods and states that all payments due or to become due under the agreement are paid in full;
(ii) Good and sufficient instruments to release all security interests in the goods and collateral security owned by the buyer; and
(iii) Good and sufficient assignments and instruments necessary to vest the buyer with complete evidence of title.
(2) If the release required by this subsection pertains to a motor vehicle, the release shall be filed electronically with the Motor Vehicle Administration in accordance with § 13-108.1 of the Transportation Article within 5 business days after the holder has received full payment.
(b) After the buyer has paid all sums due under an agreement, the holder shall deliver or mail to each surety for the buyer and to each person who is the owner of collateral security, within 15 days after the holder receives a request from the buyer, surety, or other person:
(1) A signed statement which shows that the suretyship is completely discharged; and
(2) Good and sufficient instruments to release any collateral security owned by that person.
(c) If the holder fails to comply with the requirements of this section, he shall forfeit $10 to the buyer and is liable for damages.

Credits

Added by Acts 1975, c. 49, § 3, eff. July 1, 1975. Amended by Acts 2020, c. 411, § 1, eff. Jan. 1, 2021; Acts 2020, c. 412, § 1, eff. Jan. 1, 2021.
Formerly Art. 83, § 140.
MD Code, Commercial Law, § 12-622, MD COML § 12-622
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document