(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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