Bill > H3555

This bill aims to provide parity between motor vehicle sales and leases in terms of consumer protections. The key provisions are: 1. It allows a buyer or lessee to void a motor vehicle contract within 7 days if the vehicle fails inspection and the repair costs exceed 10% of the purchase price or total lease payments. 2. It extends certain consumer protections under the state's used car lemon law to cover motor vehicle leases, including disclosure requirements and limitations on deficiency judgments. 3. It prohibits motor vehicle dealers from assessing or representing the value of a leased vehicle in an amount greater than the dealer's advertised purchase price for that vehicle, which is considered an unfair or deceptive act. 4. It directs the state to adopt regulations consistent with the federal Consumer Leasing Act to govern motor vehicle leases, ensuring comparable protections for leased and purchased vehicles. The bill is intended to ensure that consumers have similar rights and remedies whether they purchase or lease a motor vehicle.

Transportation and Infrastructure

https://malegislature.gov/Bills/192/H3555