Md. Code Regs. 09.03.04.01

Current through Register Vol. 51, No. 12, June 14, 2024

Section 09.03.04.01 - Repossession

In every case where written notice is delivered or sent to the obligor as required by Commercial Law Article, § 12-624(d), Annotated Code of Maryland, this notice will state, as part of the buyer's right to redeem and the amount payable for it, the following:

A. If written notice of intention to repossess was served on the buyer pursuant to Commercial Law Article, § 12-624(c), Annotated Code of Maryland, the actual cost of towing or retaking, the exact daily rate of storage, and any other costs relating to retaking and storing which the buyer may be required to pay shall be stated in the notice.

B. If written notice of intention to repossess was not served on the buyer pursuant to Commercial Law Article, § 12-624(c), Annotated Code of Maryland, the notice shall state that:

(1) The buyer is not required to pay any of the expenses of retaking or storing and

(2) If there is an attempt by any person to require the buyer to pay any amount for retaking or storing, the charge is illegal.

C. In addition to the above, all payments by the buyer to redeem any goods repossessed shall be made at a single address of the holder or his designated agent. The exact address, as required by Commercial Law Article, § 12-624(d), Annotated Code of Maryland, shall be stated in the written notice. If there is more than one obligor, the required notice shall be sent to all obligors on the contract if the obligors have different addresses.

D. The Commissioner may hold hearings in accordance with applicable statutory authority in order to determine whether any notice after repossession is in compliance with the law and this regulation.

Md. Code Regs. 09.03.04.01