HARRY HUGHES, Governor

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(2)  To redeem the property if repossessed for a
default;

(3)  To require, under certain conditions, a
resale of the property, if repossessed.

12-609.

(a)  The finance charge imposed on the sale of a motor
vehicle may not exceed an amount computed using the
following annual simple interest rates of finance charge:

(1)  Class 1: A new motor vehicle — 16.5 percent
on the outstanding balance;

(2)  Class 2: A used motor vehicle designated by
the manufacturer by a model year not more than two years
before the year in which the sale is made — 22 percent on
the outstanding balance; and

(3)  Class 3: A used motor vehicle designated by
the manufacturer by a model year more than two years before
the year in which the sale is made — 27 percent on the
outstanding balance.

(b)  A service or other charge not specifically
provided for in this section may not be included in a retail
installment sale of a motor vehicle.

(c)  Except for an overcharge which results from a bona
fide error in computation and which is corrected within 60
days from the date of the agreement, if a holder collects a
charge greater in amount than the maximum permitted by this
section, he shall forfeit to the buyer all finance charges
paid or payable under the agreement.

(d)  (1) A holder may not collect from the buyer a
greater amount for insurance than that allowed by the State
Insurance Department for the insurer carrying the risk.

(2)  The insurance for which the holder may
collect from the buyer is limited to automobile bodily
injury and property damage liability, automobile physical
damage, life and accident, [and] medical reimbursement, AND
NONFILING INSURANCE.

(3)  Except for an overcharge which results from
a bona fide error in computation and which is corrected
within 60 days from the date of the agreement, if a holder
collects from the buyer a charge for insurance greater than
that permitted under this subsection, he shall pay to the
buyer a sum equal to ten times the amount of the overcharge.

(e)  A finance charge in excess of the rates provided
in this section may be imposed on the sale of new trucks,
new truck tractors, new trailers, or new semitrailers