PREFILED    NOV 15 2019

REFERENCE TITLE: retail installment contracts; font size

 

 

 

State of Arizona

Senate

Fifty-fourth Legislature

Second Regular Session

2020

 

 

SB 1002

 

Introduced by

Senator Farnsworth D

 

 

AN ACT

 

amending section 44‑286, Arizona Revised Statutes; relating to motor vehicle time sales.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Section 44-286, Arizona Revised Statutes, is amended to read:

START_STATUTE44-286.  Requirements and prohibitions as to retail installment contracts

A.  A retail installment contract shall be in writing, shall be signed by both the buyer and the seller and shall be completed as to all essential provisions prior to before the signing of the contract by the buyer.  The printed portion of the contract, other than instructions for completion, shall be in at least eight point twelve-point type.  The contract shall contain in a size equal to at least ten point fifteen-point bold type:

1.  A specific statement that liability insurance coverage for bodily injury and property damage caused to others is not included, if that is the case. ; and

2.  The following notice:  "Notice to the buyer:  1.  Do not sign this contract before you read it or if it contains any blank spaces.  2.  You are entitled to an exact copy of the contract you sign."

B.  The seller shall deliver to the buyer, or mail to him the buyer at his the address shown on the contract, a copy of the contract signed by the seller.  Until the seller does so, a buyer who has not received delivery of the motor vehicle shall have the right to rescind his the buyer's agreement and to receive a refund of all payments made and return of all goods traded in to the seller on account of or in contemplation of the contract, or if the goods cannot be returned, the value thereof of the goods.  Any acknowledgment by the buyer of delivery of a copy of the contract shall be in a size equal to at least ten point ten-point bold type, and, if contained in the contract, shall appear directly above the buyer's signature. END_STATUTE