§ 12-606. Required disclosures
West's Annotated Code of MarylandCommercial Law
MD Code, Commercial Law, § 12-606
§ 12-606. Required disclosures
(ii) A statement of amounts actually paid or to be paid by the seller pursuant to an agreement with the buyer, on behalf of the buyer to discharge any amount financed under an outstanding loan agreement or installment sale agreement or the unpaid portion of the early termination obligation under any lease or other obligation of the lessee, with respect to a motor vehicle or other property traded in;
(7) The amount of any official fees charged to the buyer which the seller expects to be paid to a public official for filing or recording the installment sale agreement or other instrument securing or evidencing the buyer's obligation or an equal or lesser amount for a nonfiling insurance premium at rates approved by the Insurance Commissioner and on which no commissions may be paid;
Notice to Buyer
1. You are entitled to a copy of this agreement at the time you sign it.
2. Under the State law regulating installment sales, you have certain rights, among others:
(1) To pay off the full amount due in advance and obtain a partial rebate of the financing charge;
(2) To redeem the property if repossessed for a default;
(3) To require, under certain conditions, a resale of the property, if repossessed.
Credits
Added by Acts 1975, c. 49, § 3, eff. July 1, 1975. Amended by Acts 1981, c. 611; Acts 1995, c. 395, § 2, eff. Oct. 1, 1995; Acts 1999, c. 556, § 1, eff. Oct. 1, 1999.
Formerly Art. 83, § 129.
MD Code, Commercial Law, § 12-606, MD COML § 12-606
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document |