§ 6-51-1 - Legislative findings. - Rhode Island Statutes

SECTION 6-51-1

   § 6-51-1  Legislative findings. – The general assembly finds and declares that:

   (a) Rhode Island consumers who have purchased, through anextension of credit, or leased an automobile may fall behind on payments duringdifficult economic or emotional times and should be allowed to cure a defaulton the loan or lease within the time provided under this chapter.

   (b) If the consumer is unable to cure such a default and thelessor or secured party repossesses the automobile, the repossession cannottake place on the property owned or rented by the consumer without theirconsent except as provided by this chapter or by judicial action. In the eventof repossession a consumer is allowed to redeem the automobile within the timeprovided by this chapter.

   (c) The lessor or secured party who holds title to theautomobile shall be allowed to dispose of the automobile after repossession inorder to recover the fair market value of the vehicle and expenses from therepossession according to the provisions of this chapter and any otherapplicable laws of this state.