There are some provisions, however, that should remain unchanged to ensure that the pro-consumer aspects of the revision are not lost in the state legislative process. Here is a summary of the provisions and effects of new Article 9 for consumers. New notice of calculation of deficiency. Some additions to notice of sale. Sales to affiliated parties must result in a credit of a commercially reasonable amount even if sale price lower, but no similar protection if sale is to an unaffiliated party.
Waivers require agreement.
Allows creditor to repossess goods held by a third party, such as an auto repair shop. Most consumer protections do not apply to business purpose loans secured by consumer purpose collateral. Various sections mentioning consumer obligors along with consumer debtors. If the cross-reference to a consumer obligor were to be removed, consumer guarantors could lose some protections that they have under current law. Those two obligations are split into different sections in the new Article 9.