§ 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.

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