Relating to conditions for financing a transaction involving a motor vehicle.
Catchline/Summary:
Requires a seller in a motor vehicle transaction that involves a retail installment contract or lease agreement to make a good faith effort to sell the retail installment contract or lease agreement to a lender on the exact terms that the seller and buyer negotiated.Digest: Sets out rules a seller must follow when making a sale or lease of a motor vehicle that involves installment payments. (Flesch Readability Score: 60.6).
[Digest: Tells a person who sells or leases a car to a buyer on the basis that a lender will finance the sale or lease that the person must get the lender to agree in two days or the person must cancel the contract or do the financing. Tells the person to make a good faith try to get financing from the lender. Tells the person to let the buyer know what the buyer's rights are under the Act. (Flesch Readability Score: 71.9).]
[Requires in a transaction for a motor vehicle that is contingent upon a lender purchasing the retail installment contract or lease agreement negotiated between the seller and a buyer that the lender purchase the retail installment contract or lease agreement within two days after the transaction concludes or, if the sale of the retail installment contract or lease agreement does not occur, that the seller either void the transaction or agree to finance the transaction.]
[Requires the seller to make good faith efforts to sell the retail installment contract or lease agreement to a qualified lender.]
[Requires the seller to provide the buyer with a notice outlining the buyer's rights under the Act before concluding the transaction.]
[Makes the seller liable to the buyer for damages if the seller sells the buyer's trade-in motor vehicle before selling the retail installment contract or lease agreement.]
Requires a seller in a motor vehicle transaction that involves a retail installment contract or lease agreement to make a good faith effort to sell the retail installment contract or lease agreement to a lender on the exact terms that the seller and buyer negotiated. Requires the seller to undertake certain actions if the lender does not agree to buy the retail installment contract or lease agreement within 10 calendar days after the buyer takes possession of the motor vehicle.
Prohibits the seller from selling or paying off a loan balance for any trade-in vehicle that is part of the transaction before receiving a lender's final approval of funding. Specifies the liabilities a seller has for failing to comply with the prohibitions.
Requires the seller to provide the buyer with certain disclosures before concluding the transaction.
Punishes a violation of the Act as an unlawful practice under the Unlawful Trade Practices Act.
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HB 3178 Senate Committee On Labor and Business
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