Sec. 1. 29-A MRSA §953-B is enacted to read:

§953-B.__Disclosure of information on possible repossessions

A dealer selling a new or used motor vehicle that is being financed by the purchaser shall provide to the purchaser information on possible repossession of the vehicle by the lienholder of the title of the vehicle.__At a minimum, the notice must include the following information:__"When the purchaser surrenders the vehicle in which a creditor has an interest, the original purchaser may be liable for any deficiency balance due on the vehicle after resale."

SUMMARY

This bill requires that dealers provide to purchasers of new or used motor vehicles that are financed for purchase information describing the purchaser's responsibility for paying a deficiency balance due on a repossessed vehicle.