§ 6-51-1. Legislative findings.
The general assembly finds and declares that:
(a) Rhode Island consumers who have purchased, through an extension of credit, or leased
an automobile may fall behind on payments during difficult economic or emotional times
and should be allowed to cure a default on the loan or lease within the time provided
under this chapter.
(b) If the consumer is unable to cure such a default and the lessor or secured party repossesses
the automobile, the repossession cannot take place on the property owned or rented
by the consumer without his or her consen
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§ 6-51-1. Legislative findings.
The general assembly finds and declares that:
(a) Rhode Island consumers who have purchased, through an extension of credit, or leased
an automobile may fall behind on payments during difficult economic or emotional times
and should be allowed to cure a default on the loan or lease within the time provided
under this chapter.
(b) If the consumer is unable to cure such a default and the lessor or secured party repossesses
the automobile, the repossession cannot take place on the property owned or rented
by the consumer without his or her consent except as provided by this chapter or by
judicial action. In the event of repossession, a consumer is allowed to redeem the
automobile within the time provided by this chapter.
(c) The lessor or secured party who holds title to the automobile shall be allowed to
dispose of the automobile after repossession in order to recover the fair market value
of the vehicle and expenses from the repossession according to the provisions of this
chapter and any other applicable laws of this state.