|
|
|
|
|
|
|
|
|
|
|
|
|
HARRY HUGHES, Governor 741
MAY SERVE A WRITTEN NOTICE ON THE CONSUMER BORROWER OF THE
INTENTION TO REPOSSESS THE TANGIBLE PERSONAL PROPERTY.
(2) THE NOTICE SHALL:
(I) STATE THE DEFAULT AND ANY PERIOD AT THE END
OF WHICH THE TANGIBLE PERSONAL PROPERTY WILL BE REPOSSESSED; AND
(II) BRIEFLY STATE THE RIGHTS OF THE CONSUMER
BORROWER IN CASE THE TANGIBLE PERSONAL PROPERTY IS REPOSSESSED.
(D) THE NOTICE MAY BE DELIVERED TO THE CONSUMER BORROWER
PERSONALLY OR SENT TO HIM AT HIS LAST KNOWN ADDRESS BY REGISTERED
OR CERTIFIED MAIL.
(E) WITHIN 5 DAYS AFTER THE CREDIT GRANTOR REPOSSESSES THE
TANGIBLE PERSONAL PROPERTY THE CREDIT GRANTOR SHALL DELIVER TO
THE CONSUMER BORROWER PERSONALLY OR SEND TO HIM AT HIS LAST KNOWN
ADDRESS BY REGISTERED OR CERTIFIED MAIL, A WRITTEN NOTICE WHICH
BRIEFLY STATES:
(1) THE RIGHT OF THE CONSUMER BORROWER TO REDEEM THE
TANGIBLE PERSONAL PROPERTY, AND THE AMOUNT PAYABLE FOR IT;
(2) THE RIGHTS OF THE CONSUMER BORROWER AS TO A
RESALE, AND HIS LIABILITY FOR A DEFICIENCY; AND
(3) THE EXACT LOCATION WHERE THE TANGIBLE PERSONAL
PROPERTY IS STORED AND THE ADDRESS WHERE ANY PAYMENT IS TO BE
MADE.
(F) FOR 15 DAYS AFTER THE CREDIT GRANTOR GIVES THE NOTICE
REQUIRED BY SUBSECTION (E) OF THIS SECTION, THE CREDIT GRANTOR
SHALL RETAIN ANY REPOSSESSED PROPERTY.
(G) DURING THE PERIOD PROVIDED FOR IN SUBSECTION (F) OF
THIS SECTION, THE CONSUMER BORROWER MAY:
(1) REDEEM AND TAKE POSSESSION OF THE PROPERTY; AND
(2) RESUME THE PERFORMANCE OF THE AGREEMENT.
(H) TO REDEEM THE PROPERTY, THE CONSUMER BORROWER SHALL:
(1) TENDER THE AMOUNT DUE UNDER THE AGREEMENT AT THE
TIME OF REDEMPTION, WITHOUT GIVING EFFECT TO ANY PROVISION WHICH
ALLOWS ACCELERATION OF ANY INSTALLMENT OTHERWISE PAYABLE AFTER
THAT TIME;
(2) TENDER PERFORMANCE OF ANY OTHER PROMISE FOR THE
BREACH OF WHICH THE PROPERTY WAS REPOSSESSED; AND
(3) IF THE DISCRETIONARY NOTICE PROVIDED FOR IN
SUBSECTION (C) OF THIS SECTION WAS GIVEN, PAY THE ACTUAL AND
REASONABLE EXPENSES OF RETAKING AND STORING THE PROPERTY.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
