Sec. 1. 29-A MRSA §951, sub-§4, as amended by PL 1999, c. 631, §1, is further amended to read:

4. Exemptions. Financial institutions, as defined in Title 9-B, section 131, subsections 17 and 17-A, are exempt from the requirements of this section when selling vehicles repossessed and sold by agents or full-time employees of the institution or when selling a vehicle subject to a lease held by the financial institution to the lessee of that vehicle. Financial institutions that do not use agents or full-time employees to repossess and sell vehicles must use dealers licensed pursuant to this chapter.

Any public or nonprofit organization that, for the purpose of making vehicles available to low-income persons, accepts donated vehicles and provides them to low-income persons at a cost that is no more than the cost of ensuring that the vehicle is in good operating condition is exempt from the requirements of this section. A public or nonprofit organization that transfers a vehicle under this subsection is subject to the provisions of Title 10, chapter 217 and shall register with the Secretary of State and maintain a certificate of training as required by the Secretary of State.

SUMMARY

This bill expands the ability of a financial institution to sell a motor vehicle that it leased to the lessee of the vehicle. The bill also permits financial institutions to use agents rather than employees to accomplish such sales.