MS HB1250

Allows individuals who cannot afford automobile payments under a lease, lease-purchase, or long-term finance agreement to contact the seller or financing company to arrange vehicle return.

Relieves the purchaser from future payment obligations once contact is made with the seller or financing company to repossess the vehicle, provided all outstanding balances prior to contact are paid in full.

Requires purchasers with unpaid outstanding balances at the time of repossession to make arrangements to cure the remaining balance before being released from financial obligation.

Effective July 1, 2015.