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A dealer is not subject to the provisions of this subsection if | | that dealer offers for sale to consumers a used motor vehicle that | | has been obtained by the dealer through an auction located outside | | the State at which buyers are limited to licensed dealers and the | | seller of the used motor vehicle is neither a resident of this | | State nor a dealer licensed in this State, if the dealer clearly | | discloses on the written disclosure statement required by | | subsections 1 and 2-A that the vehicle was acquired at an out-of- | | state auction and that historical information regarding mechanical | | defects and substantial damage is not available. |
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| | | The seller of the used motor vehicle shall sign and date this | | written statement and the dealer who buys the vehicle shall | | maintain a record of it for 2 years following the sale of the | | motor vehicle. |
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| | | As used in subsection 2-A and this subsection, "substantial | | collision damage" means any damage to a motor vehicle from a | | collision when the costs of repair of that damage, at the time of | | repair, including replacement of mechanical and body parts, | | exceed $2,000. |
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| | | Sec. 2. 29-A MRSA §705, sub-§1, as amended by PL 1997, c. 776, §27, | | is further amended to read: |
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| | | 1. Release on satisfaction. Upon satisfaction of the | | security interest of the lienholder, the lienholder shall, within | 14 days after demand | | security interest of the lienholder, execute a release of the | | security interest in the space provided on the certificate. The | | lienholder shall: |
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| | | A. Release the certificate of title, certificate of salvage | | or certificate of lien to the subordinate lienholder if one | | is named; |
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| | | B. If the lien was satisfied in conjunction with the sale | | of the vehicle and there is no subordinate lienholder, | | release and deliver the certificate of title, certificate of | | salvage or certificate of lien to the owner or to a person | | who delivers to the lienholder an authorization from the | | owner to receive the certificate; or |
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| | | C. Deliver the certificate to the owner and notify the | | Secretary of State that the lien has been satisfied. |
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| | | Sec. 3. 29-A MRSA §705, sub-§4, as enacted by PL 2001, c. 671, §16, | | is amended to read: |
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