Property having aggregate value of at least $10; notice to debtor
Sec. 5. (a) If items of personal property having an estimated
aggregate value of at least ten dollars ($10) are discovered within a
vehicle that has been lawfully repossessed, the creditor must notify
the debtor as follows:
(1) The notice must be written.
(2) The notice must list each item of personal property having
an estimated value greater than five dollars ($5).
(3) The notice must include the estimated aggregate value of all
of the items of personal property.
(4) The notice must include a statement that if the debtor does
not claim the property within thirty (30) days after the notice
was sent, the personal property will become the property of the
creditor with no right of redemption by the debtor.
(5) The notice must be sent by certified mail.
(b) If the debtor does not claim the items of personal property
included in a notice given under subsection (a) not more than thirty
(30) days after the notice was mailed, the items of personal property
become the property of the creditor with no right of redemption by
the debtor.
As added by P.L.2-2002, SEC.19.
Last modified: May 24, 2006