) With respect to a consumer credit sale of goods or services, if the amount financed is One Thousand Dollars ($1,000.00), or less, and the seller or his transferee repossesses or voluntarily accepts surrender of collateral on default:

(a) the seller or his transferee is not obligated to resell the collateral; and
(b) the buyer is not personally liable to the seller or his transferee for the unpaid balance of the debt. The buyer may be liable in damages to the seller or his transferee if the buyer has

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CH. 5 REMEDIES AND PENALTIES

wrongfully damaged the collateral or if, after default and demand, the buyer has wrongfully failed to make the collateral available to the seller or his transferee.

(2) If a seller or his transferee elects bring an action against the buyer for a debt arising from a consumer credit sale of goods or services, when under this Section he would not be entitled to a deficiency judgment if he repossessed the collateral, and obtains judgment:

(a) he may not repossess the collateral; and
(b) the collateral is not subject to levy or sale on execution or similar proceedings pursuant to the judgment.
(3) The amount of One Thousand Dollars ($1,000.00) in Subsection (1) is subject to change pursuant to the provisions on adjustment of dollar amounts (§ 1106).