Section 7-401. Buyer's right of redemption

1. No note or security agreement
  used in connection with a loan for the purpose of financing the purchase
  of  a  motor vehicle, used primarily for personal or household purposes,
  shall contain any provision for  acceleration  of  payment  which  would
  prevent  the  buyer's  right  of  redemption  pursuant  to section three
  hundred two of the personal property law. Any such  provision  shall  be
  void but shall not otherwise affect the validity of the note or security
  agreement.
    2.  Within  seventy-two  hours  after the repossession or surrender of
  such motor vehicle the holder shall personally deliver or  mail  to  the
  borrower  at  his  last known address a written notice setting forth the
  right granted to redeem the vehicle,  the  dollar  amount  necessary  to
  redeem,  and  the name, address and telephone number of the holder where
  information may be obtained regarding redemption of the vehicle.