CHAPTER 133

S.P. 148 - L.D. 430

An Act To Clarify Ownership Rights to Repossessed Vehicles

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 29-A MRSA §665, sub-§6 is enacted to read:

6. Repossession.__Upon the exercise of the right to take possession of a vehicle by a lienholder that is a supervised financial organization as defined in Title 9-A, section 1-301, ownership of the vehicle vests in the lienholder, subject to the rights granted to the owner and the duties imposed on the lienholder under Title 9-A, Article 5, Part 1 and Title 11, Article 9-A, Part 6.