Chapter 171

2007 -- H 5800 SUBSTITUTE A AS AMENDED

Enacted 07/02/07

 

A N A C T

RELATING TO COMMERCIAL LAW -- GENERAL REGULATORY PROVISIONS -- MOTOR VEHICLES -- DECEPTIVE TRADE PRACTICES

          

     Introduced By: Representatives Mattiello, Giannini, Ucci, Lima, and Gablinske

     Date Introduced: March 01, 2007

 

It is enacted by the General Assembly as follows:

 

     SECTION 1. Chapter 6-13.1 of the General Laws entitled "Deceptive Trade Practices" is

hereby amended by adding thereto the following section:

 

     6-13.1-28. Financing of motor vehicles -- Term and rate of interest prominently

displayed. (a) Any contract to finance the sale of a motor vehicle shall prominently display the

term and rate of interest.

     (b) The borrower's initials or signature shall appear immediately adjacent to the term and

to the rate of interest on the loan agreement which shall only serve as an acknowledgement that

the borrower has been informed of the terms and rate. The borrower shall also be required to

separately sign the loan agreement to bind themselves to the contract.

     (c) Any agreement to finance a motor vehicle that does not comply with the provision of

this section shall be voidable within thirty (30) days at the option of the borrower.

 

     SECTION 2. This act shall take effect January 1, 2008.

     

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LC01873/SUB A/2

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