Section 9--616. Explanation of Calculation of Surplus or Deficiency.\n * (a) Definitions. In this section:\n (1) "Explanation" means a writing that:\n (A) states the amount of the surplus or deficiency;\n (B) provides an explanation in accordance with subsection (c)\n of how the secured party calculated the surplus or\n deficiency;\n (C) states, if applicable, that future debits, credits,\n charges, including additional credit service charges or\n interest, rebates, and expenses may affect the amount of\n the surplus or deficiency; and\n (D) provides a telephone number or mailing address from which\n additional information concerning the transaction is\n available.\n (2) "Request" means a record:\n (A) authenticated by a debtor or consumer obligor;\n (B) requesting that the recipient provide an explanation; and\n (C) sent after disposition of the collateral under Section\n 9--610.\n * NB Effective until June 3, 2026\n* (a) Definitions. In this section:\n (1) "Explanation" means a record that:\n (A) states the amount of the surplus or deficiency;\n (B) provides an explanation in accordance with subsection (c)\n of how the secured party calculated the surplus or\n deficiency;\n (C) states, if applicable, that future debits, credits,\n charges, including additional credit service charges or\n interest, rebates, and expenses may affect the amount of\n the surplus or deficiency; and\n (D) provides a telephone number or mailing address from which\n additional information concerning the transaction is\n available.\n (2) "Request" means a record:\n (A) signed by a debtor or consumer obligor;\n (B) requesting that the recipient provide an explanation; and\n (C) sent after disposition of the collateral under Section\n 9--610.\n * NB Effective June 3, 2026\n * (b) Explanation of calculation. In a consumer-goods transaction in\nwhich the debtor is entitled to a surplus or a consumer obligor is\nliable for a deficiency under Section 9--615, the secured party shall:\n (1) send an explanation to the debtor or consumer obligor, as\n applicable, after the disposition and:\n (A) before or when the secured party accounts to the debtor\n and pays any surplus or first makes written demand on the\n consumer obligor after the disposition for payment of the\n deficiency; and\n (B) within fourteen days after receipt of a request; or\n (2) in the case of a consumer obligor who is liable for a\n deficiency, within fourteen days after receipt of a request,\n send to the consumer obligor a record waiving the secured\n party's right to a deficiency.\n * NB Effective until June 3, 2026\n*(b) Explanation of calculation. In a consumer-goods transaction in\nwhich the debtor is entitled to a surplus or a consumer obligor is\nliable for a deficiency under Section 9--615, the secured party shall:\n (1) send an explanation to the debtor or consumer obligor, as\n applicable, after the disposition and:\n (A) before or when the secured party accounts to the debtor\n and pays any surplus or first makes demand in a record on\n the consumer obligor after the disposition for payment of\n the deficiency; and\n (B) within fourteen days after receipt of a request; or\n (2) in the case of a consumer obligor who is liable for a\n deficiency, within fourteen days after receipt of a request,\n send to the consumer obligor a record waiving the secure
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