§ 6A-9-616 Explanation of calculation ofsurplus or deficiency. – (a) Definitions. In this section:
(1) "Explanation" means a writing that:
(i) States the amount of the surplus or deficiency;
(ii) Provides an explanation in accordance with subsection(c) of how the secured party calculated the surplus or deficiency;
(iii) States, if applicable, that future debits, credits,charges, including additional credit service charges or interest, rebates, andexpenses may affect the amount of the surplus or deficiency; and
(iv) Provides a telephone number or mailing address fromwhich additional information concerning the transaction is available.
(2) "Request" means a record:
(i) Authenticated by a debtor or consumer obligor;
(ii) Requesting that the recipient provide an explanation; and
(iii) Sent after disposition of the collateral under §6A-9-610.
(b) Explanation of calculation. In a consumer-goodstransaction in which the debtor is entitled to a surplus or a consumer obligoris liable for a deficiency under § 6A-9-615, the secured party shall:
(1) Send an explanation to the debtor or consumer obligor, asapplicable, after the disposition and:
(i) Before or when the secured party accounts to the debtorand pays any surplus or first makes written demand on the consumer obligorafter the disposition for payment of the deficiency; and
(ii) Within 14 days after receipt of a request; or
(2) In the case of a consumer obligor who is liable for adeficiency, within 14 days after receipt of a request, send to the consumerobligor a record waiving the secured party's right to a deficiency.
(c) Required information. To comply with subsection(a)(1)(ii), a writing must provide the following information in the followingorder:
(1) The aggregate amount of obligations secured by thesecurity interest under which the disposition was made, and, if the amountreflects a rebate of unearned interest or credit service charge, an indicationof that fact, calculated as of a specified date:
(i) If the secured party takes or receives possession of thecollateral after default, not more than 35 days before the secured party takesor receives possession; or
(ii) If the secured party takes or receives possession of thecollateral before default or does not take possession of the collateral, notmore than 35 days before the disposition;
(2) The amount of proceeds of the disposition;
(3) The aggregate amount of the obligations after deductingthe amount of proceeds;
(4) The amount, in the aggregate or by type, and types ofexpenses, including expenses of retaking, holding, preparing for disposition,processing, and disposing of the collateral, and attorney's fees secured by thecollateral which are known to the secured party and relate to the currentdisposition;
(5) The amount, in the aggregate or by type, and types ofcredits, including rebates of interest or credit service charges, to which theobligor is known to be entitled and which are not reflected in the amount inparagraph (1); and
(6) The amount of the surplus or deficiency.
(d) Substantial compliance. A particular phrasing ofthe explanation is not required. An explanation complying substantially withthe requirements of subsection (a) is sufficient, even if it includes minorerrors that are not seriously misleading.
(e) Charges for responses. A debtor or consumerobligor is entitled without charge to one response to a request under thissection during any six-month period in which the secured party did not send tothe debtor or consumer obligor an explanation pursuant to subsection (b)(1).The secured party may require payment of a charge not exceeding $25 for eachadditional response.
§ 6A-9-616 Explanation of calculation ofsurplus or deficiency. – (a) Definitions. In this section:
(1) "Explanation" means a writing that:
(i) States the amount of the surplus or deficiency;
(ii) Provides an explanation in accordance with subsection(c) of how the secured party calculated the surplus or deficiency;
(iii) States, if applicable, that future debits, credits,charges, including additional credit service charges or interest, rebates, andexpenses may affect the amount of the surplus or deficiency; and
(iv) Provides a telephone number or mailing address fromwhich additional information concerning the transaction is available.
(2) "Request" means a record:
(i) Authenticated by a debtor or consumer obligor;
(ii) Requesting that the recipient provide an explanation; and
(iii) Sent after disposition of the collateral under §6A-9-610.
(b) Explanation of calculation. In a consumer-goodstransaction in which the debtor is entitled to a surplus or a consumer obligoris liable for a deficiency under § 6A-9-615, the secured party shall:
(1) Send an explanation to the debtor or consumer obligor, asapplicable, after the disposition and:
(i) Before or when the secured party accounts to the debtorand pays any surplus or first makes written demand on the consumer obligorafter the disposition for payment of the deficiency; and
(ii) Within 14 days after receipt of a request; or
(2) In the case of a consumer obligor who is liable for adeficiency, within 14 days after receipt of a request, send to the consumerobligor a record waiving the secured party's right to a deficiency.
(c) Required information. To comply with subsection(a)(1)(ii), a writing must provide the following information in the followingorder:
(1) The aggregate amount of obligations secured by thesecurity interest under which the disposition was made, and, if the amountreflects a rebate of unearned interest or credit service charge, an indicationof that fact, calculated as of a specified date:
(i) If the secured party takes or receives possession of thecollateral after default, not more than 35 days before the secured party takesor receives possession; or
(ii) If the secured party takes or receives possession of thecollateral before default or does not take possession of the collateral, notmore than 35 days before the disposition;
(2) The amount of proceeds of the disposition;
(3) The aggregate amount of the obligations after deductingthe amount of proceeds;
(4) The amount, in the aggregate or by type, and types ofexpenses, including expenses of retaking, holding, preparing for disposition,processing, and disposing of the collateral, and attorney's fees secured by thecollateral which are known to the secured party and relate to the currentdisposition;
(5) The amount, in the aggregate or by type, and types ofcredits, including rebates of interest or credit service charges, to which theobligor is known to be entitled and which are not reflected in the amount inparagraph (1); and
(6) The amount of the surplus or deficiency.
(d) Substantial compliance. A particular phrasing ofthe explanation is not required. An explanation complying substantially withthe requirements of subsection (a) is sufficient, even if it includes minorerrors that are not seriously misleading.
(e) Charges for responses. A debtor or consumerobligor is entitled without charge to one response to a request under thissection during any six-month period in which the secured party did not send tothe debtor or consumer obligor an explanation pursuant to subsection (b)(1).The secured party may require payment of a charge not exceeding $25 for eachadditional response.
§ 6A-9-616 Explanation of calculation ofsurplus or deficiency. – (a) Definitions. In this section:
(1) "Explanation" means a writing that:
(i) States the amount of the surplus or deficiency;
(ii) Provides an explanation in accordance with subsection(c) of how the secured party calculated the surplus or deficiency;
(iii) States, if applicable, that future debits, credits,charges, including additional credit service charges or interest, rebates, andexpenses may affect the amount of the surplus or deficiency; and
(iv) Provides a telephone number or mailing address fromwhich additional information concerning the transaction is available.
(2) "Request" means a record:
(i) Authenticated by a debtor or consumer obligor;
(ii) Requesting that the recipient provide an explanation; and
(iii) Sent after disposition of the collateral under §6A-9-610.
(b) Explanation of calculation. In a consumer-goodstransaction in which the debtor is entitled to a surplus or a consumer obligoris liable for a deficiency under § 6A-9-615, the secured party shall:
(1) Send an explanation to the debtor or consumer obligor, asapplicable, after the disposition and:
(i) Before or when the secured party accounts to the debtorand pays any surplus or first makes written demand on the consumer obligorafter the disposition for payment of the deficiency; and
(ii) Within 14 days after receipt of a request; or
(2) In the case of a consumer obligor who is liable for adeficiency, within 14 days after receipt of a request, send to the consumerobligor a record waiving the secured party's right to a deficiency.
(c) Required information. To comply with subsection(a)(1)(ii), a writing must provide the following information in the followingorder:
(1) The aggregate amount of obligations secured by thesecurity interest under which the disposition was made, and, if the amountreflects a rebate of unearned interest or credit service charge, an indicationof that fact, calculated as of a specified date:
(i) If the secured party takes or receives possession of thecollateral after default, not more than 35 days before the secured party takesor receives possession; or
(ii) If the secured party takes or receives possession of thecollateral before default or does not take possession of the collateral, notmore than 35 days before the disposition;
(2) The amount of proceeds of the disposition;
(3) The aggregate amount of the obligations after deductingthe amount of proceeds;
(4) The amount, in the aggregate or by type, and types ofexpenses, including expenses of retaking, holding, preparing for disposition,processing, and disposing of the collateral, and attorney's fees secured by thecollateral which are known to the secured party and relate to the currentdisposition;
(5) The amount, in the aggregate or by type, and types ofcredits, including rebates of interest or credit service charges, to which theobligor is known to be entitled and which are not reflected in the amount inparagraph (1); and
(6) The amount of the surplus or deficiency.
(d) Substantial compliance. A particular phrasing ofthe explanation is not required. An explanation complying substantially withthe requirements of subsection (a) is sufficient, even if it includes minorerrors that are not seriously misleading.
(e) Charges for responses. A debtor or consumerobligor is entitled without charge to one response to a request under thissection during any six-month period in which the secured party did not send tothe debtor or consumer obligor an explanation pursuant to subsection (b)(1).The secured party may require payment of a charge not exceeding $25 for eachadditional response.
