§ 316. Notice of buyer's redemption rights. The holder of any motor
vehicle installment contract who repossesses or accepts a voluntary
surrender of a motor vehicle pursuant to the provisions of article nine
of the uniform commercial code, or any contract, shall within
seventy-two hours of such repossession or surrender, personally deliver
or mail to the buyer at his last known address a written notice setting
forth the right of such buyer to redeem such motor vehicle, the dollar
amount necessary to redeem, and the name, address and telephone number
of the holder from which information may be obtained regarding such
redemption.