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Statutes Text

Article - Real Property


    (a)    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)    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.

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