Notwithstanding chapter 90 of the General Laws, or any general or special law, or rule or regulation to the contrary, a dealer, as defined in section 1 of chapter 90D, who is selling motor vehicles, new or used, shall offer the buyer a 3-day right to cancel. For the purposes of this act, the 3-day period shall be 3 days, exclusive of holidays. The cancellation policy shall be provided to the buyer at the time of the sale, and made a part of, and incorporated in the contract, and written in conspicuous large bold print.
If the buyer trades in a vehicle as part of the purchase and sales agreement, the dealer shall be obligated to hold the traded vehicle in a secure location for safe keeping and shall be prohibited from selling the trade-in vehicle before the expiration of the 3-day cancellation period. In the event that the dealer sells the traded vehicle before the expiration of the 3-day cancellation period in violation of this section, the buyer shall receive from the dealer as compensation, the full sale price or the fair market value of the traded vehicle, whichever is higher.
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