The bill aims to modernize consumer protections in automobile transactions by amending various sections of the General Laws. Key changes include the replacement of the term "sale" with "delivery" in multiple instances within Section 7N of Chapter 90, which pertains to warranties for used motor vehicles. The bill establishes specific warranty periods based on the mileage of the vehicle at the time of delivery, with warranties ranging from 90 days or 3,750 miles for vehicles under 50,000 miles to 30 days or 1,250 miles for those with 100,000 miles or more. Additionally, the bill increases the bond amount required for retail sellers from $25,000 to $50,000 and introduces new provisions for claims against the bond, including a requirement for claimants to notify the bondholder within one year of the event.

Further amendments include updates to definitions related to retail installment contracts and lease agreements, enhancing clarity around the roles of holders, lessees, and retail sellers. The bill also outlines the process for handling defaults in consumer credit transactions, requiring creditors to provide written notice to buyers or lessees before taking action against collateral. This notice must inform the debtor of their rights and the steps they can take to cure the default. Overall, the bill seeks to strengthen consumer rights and ensure fair practices in the automobile sales and leasing process.

Statutes affected:
Bill Text: 90-7N, 140-58, 255B-1