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House Engrossed
motor vehicle transactions; advertised vehicle price |
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State of Arizona House of Representatives Fifty-fifth Legislature First Regular Session 2021
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CHAPTER 186
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HOUSE BILL 2721 |
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AN ACT
amending section 44-1371, Arizona Revised Statutes; relating to motor vehicle transactions.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 44-1371, Arizona Revised Statutes, is amended to read:
44-1371. Motor vehicle transactions; conditional financing; traded motor vehicle; advertised price; definition
A. If a sale or lease of a motor vehicle from a motor vehicle dealer or a lessor to a customer is conditioned on final approval of financing by a lender or lessor, the motor vehicle dealer or lessor shall retain title and possession of any motor vehicle traded by a customer as part of the transaction until financing is finally approved or the traded motor vehicle is returned to the customer. Any remedy for a violation of this section may not be waived, modified or limited by agreement or contract.
B. If a motor vehicle dealer charges a document fee for a motor vehicle transaction, the motor vehicle dealer must clearly and conspicuously disclose in its advertisement for a motor VEHICLE that a document fee will be charged FOR A motor vehicle transaction.
C. For the purposes of this section, the term "motor vehicle dealer" has the same meaning prescribed in section 28-4301.
APPROVED BY THE GOVERNOR APRIL 6, 2021.
FILED IN THE OFFICE OF THE SECRETARY OF STATE APRIL 6, 2021.