Modernizing protections for consumers in automobile transactions in Massachusetts.

This bill modernizes protections for consumers in automobile transactions in Massachusetts. It amends the definition of "retail installment contract" and "holder" in the General Laws. It also modifies the notice requirements for creditors or lessors when taking possession of collateral. The bill increases the bond amount for motor vehicle dealers from $25,000 to $50,000. It allows the attorney general to recover from the bond on behalf of persons who suffer loss due to certain acts or omissions. The bill also extends the warranty period for used motor vehicles based on mileage.

Modernizing protections for consumers in automobile transactions in Massachusetts.

This bill modernizes protections for consumers in automobile transactions in Massachusetts. It amends the definition of "retail installment contract" and "holder" in the General Laws. It also modifies the notice requirements for creditors or lessors when taking possession of collateral. The bill increases the bond amount for motor vehicle dealers from $25,000 to $50,000. It allows the attorney general to recover from the bond on behalf of persons who suffer loss due to certain acts or omissions. The bill also extends the warranty period for used motor vehicles based on mileage.