§ 7-401. Buyer's right of redemption. 1. No note or security agreement
used in connection with a loan for the purpose of financing the purchase
of a motor vehicle, used primarily for personal or household purposes,
shall contain any provision for acceleration of payment which would
prevent the buyer's right of redemption pursuant to section three
hundred two of the personal property law. Any such provision shall be
void but shall not otherwise affect the validity of the note or security
agreement.

2. Within seventy-two hours after the repossession or surrender of
such motor vehicle the holder shall personally deliver or mail to the
borrower at his last known address a written notice setting forth the
right granted to redeem the vehicle, the dollar amount necessary to
redeem, and the name, address and telephone number of the holder where
information may be obtained regarding redemption of the vehicle.