1. (a) Every vendor under a land installment contract shall mail or deliver a statement to the purchaser:

   1. (1) When 40 percent of the original cash price has been paid; and

   2. (2)

      1. (i) Annually within 30 days of January 1; or
      2. (ii) On demand of the purchaser no more than twice a year.

2. (b) The statement shall show:

   1. (1) The total amount paid for any ground rent, insurance, taxes, and any other periodic charge;
   2. (2) The amount credited to principal and interest; and
   3. (3) The balance due.

Added by Acts 1974, c. 12, § 2, eff. July 1, 1974. Amended by Acts 1976, c. 272.

Formerly Art. 21, § 10-106.