Bill > S2945

This bill modernizes consumer protections in automobile transactions by updating several laws. It clarifies that certain warranties on used vehicles are tied to the vehicle's delivery rather than its sale, and it adjusts the duration and mileage of these warranties based on the vehicle's mileage at the time of sale, with lower mileage vehicles receiving longer coverage. The bill also increases the maximum bond amount for certain dealers from $25,000 to $50,000 and clarifies that the Attorney General can recover losses from this bond on behalf of consumers. Additionally, it expands the definitions of "holder," "lease agreement," and "lessee" to better encompass modern leasing arrangements, and it establishes clearer procedures for repossession of vehicles, requiring a material default and specific notice periods before a creditor can take action, with provisions for consumers to cure defaults and redeem repossessed vehicles.

Budget and Finance

Senate Committee on Ways and Means (Senate)

https://malegislature.gov/Bills/194/S2945