ARIZONA HOUSE OF REPRESENTATIVES

Fifty-sixth Legislature

Second Regular Session

Senate: MAPS DP 6-0-1-0

SB 1300: electromagnetic pulse preparedness; posting

S/E: car title loans; rate; contracts

Sponsor: Senator Farnsworth, LD 10

Committee on Military Affairs & Public Safety

 

Summary of the Strike-Everything Amendment to SB 1300

Overview

Requires car title loan contracts and secondary motor vehicle finance transaction contracts to have specified cost and interest information prominently displayed.

History

Car title loan contracts are required to include information on the cost of the vehicle including the: 1) amount of the finance charge and the rate it was calculated at; 2) cash sale price; 3) amount of the buyer's down payment; 4) amount included for insurance; 5) final cash price balance; and 6) time balance (A.R.S. § 44-287).

Secondary motor vehicle finance transactions are defined as any contract that includes provisions for either obtaining a security interest in, or a lien on, a motor vehicle and the sale of a motor vehicle and the seller's right to retain use of the motor vehicle after the sale (A.R.S. § 44-281).

☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteProvisions

1.   Adds the annual percentage rate (APR) to the list of information that must be contained in a car title loan contract. (Sec. 1)

2.   Requires car title loan contracts to have the finance charge and the APR displayed in large type of at least 15 points placed directly above the signature line of the contract. (Sec. 1)

3.   Requires secondary motor vehicle finance transaction contracts to have the annual secondary motor vehicle finance rate displayed in large type of at least 15 points placed directly above the signature line of the contract. (Sec. 2)

4.   Makes technical changes. (Sec. 1, 2)

 

 

 

 

 

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                        SB 1300

Initials NM/TM         Page 0 Military Affairs & Public Safety

 

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