Bill > HB3178

This bill modifies Oregon's laws regarding motor vehicle sales transactions by establishing new consumer protections for buyers purchasing vehicles through retail installment contracts or lease agreements. The bill requires sellers to provide buyers with a detailed, conspicuous disclosure form in English (and other languages upon request) that explains the buyer's right to void the transaction if a lender does not approve the financing within 10 calendar days of taking possession of the vehicle. The disclosure must include seller and buyer contact information, vehicle details, and contact information for legal assistance. The bill also mandates that if a lender does not approve the financing, the seller must either unconditionally accept the contract and finance the transaction or void the transaction, in which case they must return all items of value to the buyer and provide written notification. Additionally, the bill places restrictions on sellers' handling of trade-in vehicles before receiving final financing approval, including potential liability if the trade-in vehicle is sold or its loan is paid off prematurely. The Attorney General is required to create a model disclosure form in multiple languages, and violations of these new provisions can be considered unlawful practices under Oregon's consumer protection laws.

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https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/HB3178