Bill > H4979

This bill modernizes consumer protections in automobile transactions by updating existing laws related to used vehicle warranties, dealer bonds, and retail installment contracts. Specifically, it amends Section 7N of Chapter 90 to clarify that certain warranty periods for used cars are tied to their delivery date rather than their sale date, and it establishes new, tiered warranty durations based on the mileage of used vehicles at the time of sale, ranging from 90 days or 3,750 miles for vehicles under 50,000 miles, to 30 days or 1,250 miles for vehicles with 100,000 to 200,000 miles. Additionally, the bill increases the maximum bond amount for dealers from $25,000 to $50,000 under Section 58 of Chapter 140, and clarifies that the Attorney General can recover losses from this bond on behalf of consumers. It also revises definitions in Chapter 255B to include lease agreements and lessees, and overhauls Section 20A and 20B of Chapter 255B to provide clearer procedures for default notices, cure periods, and repossession of collateral in consumer credit transactions and lease agreements, ensuring consumers have adequate notice and opportunity to address defaults before a creditor can accelerate a loan or take possession of a vehicle.

Budget and Finance

Joint Committee on Consumer Protection and Professional Licensure (Joint)

https://malegislature.gov/Bills/194/H4979