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PUBLIC LAWS OF MAINE
First Regular Session of the 121st

CHAPTER 240
H.P. 907 - L.D. 1233

An Act To Amend the Motor Vehicle Laws

Be it enacted by the People of the State of Maine as follows:

     Sec. 1. 10 MRSA §1475, sub-§3, as amended by PL 1999, c. 617, §1, is further amended to read:

     3. Written statement. A dealer shall obtain from the seller of a used motor vehicle a written statement containing the following information:

Any dealer who offers for sale to consumers a repossessed vehicle that has been obtained by the dealer through any transaction other than a retail sale is not subject to the provisions of this subsection.
A dealer is not subject to the provisions of this subsection if that dealer offers for sale to consumers a used motor vehicle that has been obtained by the dealer through an auction located outside the State at which buyers are limited to licensed dealers and the seller of the used motor vehicle is neither a resident of this State nor a dealer licensed in this State, if the dealer clearly discloses on the written disclosure statement required by subsections 1 and 2-A that the vehicle was acquired at an out-of-state auction and that historical information regarding mechanical defects and substantial damage is not available.
The seller of the used motor vehicle shall sign and date this written statement and the dealer who buys the vehicle shall maintain a record of it for 2 years following the sale of the motor vehicle.
As used in subsection 2-A and this subsection, "substantial collision damage" means any damage to a motor vehicle from a collision when the costs of repair of that damage, at the time of repair, including replacement of mechanical and body parts, exceed $2,000.

     Sec. 2. 29-A MRSA §705, sub-§1, as amended by PL 1997, c. 776, §27, is further amended to read:

     1. Release on satisfaction. Upon satisfaction of the security interest of the lienholder, the lienholder shall, within 14 days after demand of receipt of funds intended to satisfy the security interest of the lienholder, execute a release of the security interest in the space provided on the certificate. The lienholder shall:

     Sec. 3. 29-A MRSA §705, sub-§4, as enacted by PL 2001, c. 671, §16, is amended to read:

     4. Remedies. The remedies set forth in this section are in addition to those set forth in section 668.

     Sec. 4. 29-A MRSA §706, as enacted by PL 1993, c. 683, Pt. A, §2 and affected by Pt. B, §5, is amended to read:

§706. Lienholder to furnish information

     Upon request of the owner, another lienholder named on the certificate of title or certificate of salvage or a dealer to which the vehicle has been transferred, a lienholder shall disclose pertinent information as to the security agreement, the indebtedness secured by that agreement, the existence and identity of subordinate lienholders on the certificate of title or certificate of salvage or other written docu-mentation held by the lienholder and the certificate of title or certificate of salvage numbers.

Effective September 13, 2003, unless otherwise indicated.

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