1. A lender may not require a person to install or maintain a global tracking or positioning system or device on a motor vehicle for the purpose of locating or tracking the vehicle to repossess the vehicle in case of loan default, unless:
a. The lender includes within the financing contract, in a clear and conspicuous manner, information on the installation or placement of the system or device;
b. The system or device is installed at no cost to the buyer; and c. The system or device is removed within sixty days of the loan for the motor vehicle being paid in full at:
(1) The expense of the seller or lender; and (2) A location agreed upon by the seller or lender and buyer.
2. A lender that violates this section is subject to a fine of not more than five hundred dollars. In the case of a second or subsequent violation of this section, the lender is subject to a fine of not less than one thousand dollars nor more than two thousand dollars.