CHAPTER 98

S.P. 300 - L.D. 904

An Act To Educate Consumers Regarding Voluntary Repossession

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

Sec. 1. 9-A MRSA §5-110, sub-§2-A is enacted to read:

2-A.__If a consumer credit transaction is secured by a motor vehicle, the notice must conform to the requirements of subsection 2, except that the following paragraph must be included between the penultimate paragraph and the final paragraph:

The rights we may exercise under law include repossession of the motor vehicle securing this debt.__If the motor vehicle is repossessed, either involuntarily or voluntarily, it may be sold and you may owe the difference between the net proceeds from the sale and the remaining balance due under the contract.

This subsection applies only to notices sent on or after January 1, 2004.