Section 361-A:21 - Requirements and Prohibitions as to Loan DefaultI. Prior to initiating a repossession, the licensee must send the buyer a written notice of default.II.(a) The notice of default shall be sent to the buyer 10 days or more after the default.(b) The notice shall conspicuously state the rights of the buyer upon default and contain the following language in a size equal to at least 10-point bold type: "Notice of Default." The body of the notice shall read: "You may cure your default in (describe transaction in a manner enabling buyer to identify it) by paying to (name and address of creditor) (amount due) before (date which is at twenty-one days after notice is mailed). If you pay this amount within the time allowed, you are no longer in default and may continue on with the transaction as though no default had occurred. If you do not cure your default by the date stated above, the said creditor may sue you to obtain a judgment for the amount of the debt or, if applicable, may take possession of the collateral. If the creditor takes possession of the collateral, if any, you may get it back by paying the full amount of your debt plus any reasonable expenses incurred by the said creditor if you make the required payment within twenty days after he or she takes possession."Amended by 2024, 330:1, eff. 7/1/2024.