State Codes and Statutes

§ 10-107. Statement to be furnished by vendor.

(a) Furnishing of statement required.- Every vendor under a land installment contract shall mail or deliver a statement to the purchaser:

(1) When 40 percent of the original cash price has been paid; and

(2) (i) Annually within 30 days of January 1; or

(ii) On demand of the purchaser no more than twice a year.

(b) Contents of statement.- The statement shall show:

(1) The total amount paid for any ground rent, insurance, taxes, and any other periodic charge;

(2) The amount credited to principal and interest; and

(3) The balance due.

[An. Code 1957, art. 21, § 10-106; 1974, ch. 12, § 2; 1976, ch. 272.]

§ 10-107. Statement to be furnished by vendor.

(a) Furnishing of statement required.- Every vendor under a land installment contract shall mail or deliver a statement to the purchaser:

(1) When 40 percent of the original cash price has been paid; and

(2) (i) Annually within 30 days of January 1; or

(ii) On demand of the purchaser no more than twice a year.

(b) Contents of statement.- The statement shall show:

(1) The total amount paid for any ground rent, insurance, taxes, and any other periodic charge;

(2) The amount credited to principal and interest; and

(3) The balance due.

[An. Code 1957, art. 21, § 10-106; 1974, ch. 12, § 2; 1976, ch. 272.]

§ 10-107. Statement to be furnished by vendor.

(a) Furnishing of statement required.- Every vendor under a land installment contract shall mail or deliver a statement to the purchaser:

(1) When 40 percent of the original cash price has been paid; and

(2) (i) Annually within 30 days of January 1; or

(ii) On demand of the purchaser no more than twice a year.

(b) Contents of statement.- The statement shall show:

(1) The total amount paid for any ground rent, insurance, taxes, and any other periodic charge;

(2) The amount credited to principal and interest; and

(3) The balance due.

[An. Code 1957, art. 21, § 10-106; 1974, ch. 12, § 2; 1976, ch. 272.]

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