Bill > SB483

This bill modifies motor vehicle sales finance regulations by requiring installment sellers to provide a detailed "FINANCIAL DISCLOSURE" to prospective buyers before presenting a sales contract. The disclosure must include comprehensive information about financing, such as the creditor's identity, total amount financed, interest rates, monthly payments, loan duration, and various financial implications. The disclosure must be presented separately from other documents, can be provided electronically or on paper, and must be in an easily readable format, including a version designed for smartphone screens. The installment seller must explain the disclosure's purpose, have it dated and signed by both parties, and keep a copy. The bill mandates a mandatory one-business-day waiting period between providing the disclosure and presenting the sales contract. Violations of these requirements result in a potential fine of up to $500 per violation and can also be considered a violation of consumer protection laws. The department overseeing these regulations is tasked with developing a model disclosure form and can create additional implementing regulations. The bill will take effect 18 months after passage, giving businesses time to adapt to the new requirements.