§ 301. Definitions. In this article, unless the context or subject matter otherwise requires: 1. “Motor vehicle” or “vehicle” means any device propelled or drawn by any power other than muscular power, upon or by which any person or property is or may be transported or drawn upon a public highway, road or street except […]
§ 302. Requirements as to retail instalment contracts. 1. A retail instalment contract shall be in writing, shall contain all the agreements of the parties and shall be signed by the buyer and the seller. 2. The printed portion of the contract shall be in at least eight point type. The contract shall contain printed […]
§ 302A. Total loss notice and waiver of the gap amount. 1. If the retail instalment contract provides that the buyer shall be responsible upon a total loss of the vehicle occasioned by its theft, confiscation or physical damage for the gap amount as defined in paragraph fifty-two of subsection (a) of section one hundred […]
§ 303. Credit service charge limitation. 1. A retail seller may contract for in a retail instalment contract and charge, receive and collect the credit service charge authorized by this article at the rate or rates agreed to by the retail seller and the buyer. The credit service charge authorized by this subdivision shall be […]
§ 304. Cancellation of contract. After the payment of all sums for which the buyer is obligated under a retail instalment contract, and upon written demand made by the buyer, the holder of such contract shall mail to the buyer at his last known address, good and sufficient instruments to indicate payment in full and […]
§ 305. Credit upon anticipation of payments. 1. Notwithstanding the provisions of any retail instalment contract to the contrary, any buyer may pay it in full at any time before the maturity of the final instalment of the time balance thereof and if he does so shall receive and be entitled to receive a refund […]
§ 306. Refinancing. 1. The holder of a retail instalment contract may, upon agreement with the buyer, extend the scheduled due date or defer the scheduled payment of all or any part of any instalment or instalments payable thereunder. The agreement for such extension or deferment must be in writing and signed by the parties […]
§ 307. Penalties. 1. Any person who shall wilfully violate any provision of this article shall be guilty of a misdemeanor and upon conviction shall be punished by a fine not exceeding five hundred dollars. 2. A wilful violation of sections three hundred two or three hundred three by any person shall bar his recovery […]
§ 308. Waiver. Any waiver of the provisions of this article by the buyer shall be unenforceable and void.
§ 309. Exceptions. The provisions of section three hundred six and of subdivision ten of section three hundred two shall apply to an instalment sale of a motor vehicle for any use.
§ 310. Severability. If any provision of this article or the application thereof to any person or circumstance is held unconstitutional, the remainder of the article and the application of such provision to other persons or circumstances shall not be affected thereby.
§ 311. Short title. This article may be cited as “The Motor Vehicle Retail Instalment Sales Act.”
§ 312. Refund credit on cancellation of credit related insurance or prepayment of contract. The provisions of this article requiring refunds and refund credits with respect to group credit life insurance, in cases of cancellation of group credit life insurance or of prepayment of a retail instalment contract shall also require refunds and refund credits […]
§ 313. Guaranties to sellers of liabilities of buyers under retail instalment contracts. No guaranty given to the seller or to the seller and the seller’s assignee of the liabilities of a buyer under a retail instalment contract shall be valid unless the guaranty is incorporated in or endorsed on the contract or identifies the […]
§ 314. Security interest in other property. No retail instalment contract, or any other agreement executed in connection therewith, shall provide for the creation of a security interest in any personal or real property, other than the motor vehicle which is the subject matter of the retail instalment sale (or accessories therefor or special or […]
§ 315. Claim for deficiency after default and repossession. If a buyer defaults on any instalment of the time sale price and the holder obtains possession of the motor vehicle and disposes of it as provided by section 9–610 of the uniform commercial code, the buyer shall be liable to the holder for any deficiency […]
§ 316. Notice of buyer’s redemption rights. The holder of any motor vehicle installment contract who repossesses or accepts a voluntary surrender of a motor vehicle pursuant to the provisions of article nine of the uniform commercial code, or any contract, shall within seventy-two hours of such repossession or surrender, personally deliver or mail to […]
