Chapter
381
2008 -- H 8159
Enacted 07/05/08
A N A C T
RELATING TO
COMMERCIAL LAW - GENERAL REGULATORY PROVISIONS - MOTOR VEHICLES - DECEPTIVE
TRADE PRACTICES
Introduced By:
Representative Nicholas A. Mattiello
Date Introduced: April 22, 2008
It is
enacted by the General Assembly as follows:
SECTION
1. Section 6-13.1-28 of the General Laws in Chapter 6-13.1 entitled
"Deceptive
Trade Practices" is hereby amended to read as follows:
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,
provided
however
the borrower shall be responsible for any damage to the vehicle.
SECTION
2. This act shall take effect upon passage.
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LC02743
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