1. I. After repossession, if the vehicle is not accepted as satisfaction in full, the licensee must send the borrower a notice of disposition prior to the sale of the vehicle.

2. II. The notice of disposition must contain the following information:

   1. (a) Description of the borrower and the licensee;
   2. (b) Description of the collateral that is the subject of the intended disposition;
   3. (c) The method of intended disposition;
   4. (d) Information stating that the borrower is entitled to an accounting of the unpaid indebtedness;
   5. (e) Stating the time and place of a public disposition or the time after which any other disposition is to be made;
   6. (f) A description of any liability for a deficiency of the borrower;
   7. (g) The amount that must be paid to the licensee to redeem the collateral; and
   8. (h) A telephone number or mailing address from which additional information concerning the disposition and the obligation secured is available.

Source. 2024, 330:1, eff. July 1, 2024.