Bill > SB1358

This bill modifies existing Arizona law regarding fees and definitions related to motor vehicle dealers and financial institutions. Specifically, it removes the fee for applying for a motor vehicle dealer license from Section 6-126 of the Arizona Revised Statutes, which outlines application fees for various financial institutions and enterprises, while adjusting the numbering of subsequent fee items. It also amends Section 28-4302 by introducing different fee structures for motor vehicle dealer licenses based on whether the dealer has a contractual relationship with a third-party lender, with specific allocations of these fees to the state general fund and the Arizona highway user revenue fund. Furthermore, the bill revises Section 44-281 by removing the definition of "dealer" as someone who sells three or more motor vehicles on a non-cash basis in a year, and clarifies that a motor vehicle dealer is not considered a sales finance company if they assign contracts to third-party lenders. Finally, it amends Section 44-282 to state that a motor vehicle dealer shall not sell or transfer any contract to an unlicensed person in Arizona, and removes references to dealer licenses in sections concerning sales finance companies, while also updating a reference in Section 44-294 to remove "dealer" from the list of entities required to maintain records of retail installment contracts.