(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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