Modernizing protections for consumers in automobile transactions in Massachusetts.

The bill modernizes protections for consumers in automobile transactions in Massachusetts by amending the Massachusetts Motor Vehicle Installment Sales Act. It mandates that a secured creditor or lessor must provide a notice to the buyer or lessee detailing the default and the opportunity to cure it within 21 days. The notice must specify the transaction, the amount due, and the deadline for payment. If the buyer or lessee cures the default within this period, the secured creditor or lessor cannot proceed against the collateral or the leased vehicle.

Modernizing protections for consumers in automobile transactions in Massachusetts.

The bill modernizes protections for consumers in automobile transactions in Massachusetts by amending the Massachusetts Motor Vehicle Installment Sales Act. It mandates that a secured creditor or lessor must provide a notice to the buyer or lessee detailing the default and the opportunity to cure it within 21 days. The notice must specify the transaction, the amount due, and the deadline for payment. If the buyer or lessee cures the default within this period, the secured creditor or lessor cannot proceed against the collateral or the leased vehicle.