§490:9-616 Explanation of calculation of surplus or deficiency. (a) In this section:
(b) In a consumer-goods transaction in which the debtor is entitled to a surplus or a consumer obligor is liable for a deficiency under section 490:9-615, the secured party shall:
(c) To comply with subsection (a)(1)(B), an explanation shall provide the following information in the following order:
(d) A particular phrasing of the explanation is not required. An explanation complying substantially with the requirements of subsection (a) is sufficient, even if it includes minor errors that are not seriously misleading.
(e) A debtor or consumer obligor is entitled without charge to one response to a request under this section during any six-month period in which the secured party did not send to the debtor or consumer obligor an explanation pursuant to subsection (b)(1). The secured party may require payment of a charge not exceeding $25 for each additional response. [L 2000, c 241, pt of §1; am L 2023, c 132, §62]