What Is Marylands State Law on the Vehicle Repossession Process?
Motor vehicles represent one of the most commonly repossessed types of property in the state of Maryland, according to that state’s Commissioner of Financial Regulation. In part because of the frequency of vehicle repossession in Maryland, the legislature enacted specific laws governing the process as well as the rights of consumers.FunctionThe function of the Maryland vehicle repossession laws is to permit a lender with a lien on a motor vehicle the ability to reclaim legally that property if the borrower defaults on the loan.PotentialMaryland laws on the vehicle repossession process permit a lender the ability to reclaim a motor vehicle even if the buyer-borrower is behind on only one payment.Peaceful RepossessionMaryland law authorizes what is known as peaceful repossession. This means the lender is able to repossess a vehicle without a court notice provided the peace is not disturbed in the process.Discretionary NoticeA lender can but is not required to provide the owner of a motor
