Section 10-107 - Statement to be furnished by vendor. - Maryland 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.]