Section 55.2. Disclosures to installment buyers

(a) The disclosures required to be given by this chapter shall be made clearly, conspicuously and in meaningful sequence. At the option of the holder, additional information or explanations may be supplied with the disclosures required by this chapter; but none shall be stated, utilized or placed so as to mislead or confuse the installment buyer or to contradict, obscure or detract attention from the information required by this chapter to be disclosed.

(b) Not less than 30 days prior to taking an action to accelerate the maturity of an installment sales contract, to commence a legal action to recover under the obligation, or to take possession of a security of the installment buyer, the holder shall mail a written notice of intention to take the action, by registered or certified mail, to the address where the mobile home is located. The notice shall contain the following disclosures, made in a clear and concise manner:

(1) The particular obligation or security interest, including the date of the installment sale contract according to the records of the holder as well as a brief description of the mobile home.

(2) The nature of the default claimed, which may be stated in general terms—for example: ‘‘failure to make the required installment payments when due’’ or ‘‘failure to maintain property damage insurance.’’

(3) The specific actions which the holder intends to take at the expiration of the 30-day notice period.

(4) The right of the installment buyer to cure the default and the exact manner in which he may do so, including the sum of money which shall be tendered, if any, in order to cure; the individual or office address to whom it must be tendered; and the form of acceptable payment in accordance with the provisions of the act.

(5) The fact that the default may be cured at any time before title to the mobile home is lawfully transferred by the holder, and that title may not be transferred until at least 45 days have passed following mailing of the notice to the installment buyer in accordance with the provisions of the act and this subsection.

(6) The methods by which the installment buyer’s ownership or possession of the mobile home may be terminated.

(7) Identification of the components of the sum claimed to be due in order to cure the default.

(c) The notice required by subsection (b) may not be required when the installment buyer has abandoned or voluntarily surrendered the property which is the subject of the mobile home installment sale; provided that the holder retains evidence thereof satisfactory to the administrator.