Section 14-1103 - Contents of agreement. - Maryland Statutes

§ 14-1103. Contents of agreement.
 

(a)  In general.- A layaway agreement shall include: 

(1) The full name, place of residence, and post office address of each party to it; 

(2) The date when signed by the buyer; 

(3) A clear description of the consumer goods sold sufficient to identify them readily; 

(4) The cash price of the consumer goods sold; 

(5) All charges for delivery, installation, or repair of or other services to the consumer goods which, separate from the cash price, are included in the layaway agreement; 

(6) The sum of the cash price in paragraph (4) and the charges for services in paragraph (5); 

(7) The amount of the buyer's down payment, together with: 

(i) A statement of the respective amounts credited for cash, credits, and the agreed value of any goods traded in; and 

(ii) A description of all goods traded sufficient to identify them; 

(8) The unpaid balance of the cash price payable by the buyer to the seller, which is paragraph (6) less paragraph (7); 

(9) The service charge; 

(10) The total of payments owed by the buyer to the seller, which is the sum of paragraphs (8) and (9), the number of installment payments required to pay it, and the amount and time of each payment; 

(11) The layaway price, which is the sum of paragraphs (6) and (9); and 

(12) A clear and concise statement of all consequences of buyer's default. 

(b)  Sales subject to federal disclosure provisions.- Subsection (a) (4) through (12) of this section does not apply to any layaway sale subject to the disclosure provisions of the federal Truth in Lending Act if the seller complies with the applicable disclosure provisions of the federal act and its regulation. 
 

[1978, ch. 673, § 3; 1979, ch. 65; 1999, ch. 34, § 8; 2005, ch. 25, § 13.]