2007 -- H 5800 SUBSTITUTE A AS AMENDED
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.