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Bill would require dealers to give buyers a written disclosure and a 10‑day void right for promised financing
Summary
Representative Nathan Sosa described House Bill 3178 to the Senate committee as a response to consumers who sign purchase paperwork before financing terms are finalized; the bill shortens the dealer's financing window to 10 days, gives buyers a 10‑day right to void, and requires a statutory disclosure form and consumer resource contacts.
Representative Nathan Sosa told the Senate Committee on Labor and Business during an April 17 public hearing that House Bill 3178 aims to protect car buyers who are told financing terms at the point of sale but later informed the dealer cannot secure those terms. "Most folks think at that point that it is a done deal. The problem is that in many cases, it isn't," Sosa said.
Sosa outlined four main elements of the bill: shorten the dealer window to secure promised financing from 14 days to…
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