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Committee adopts amendment shortening dealer financing window and adds disclosure requirements for vehicle retail contracts
Summary
The House Committee on Commerce and Consumer Protection adopted a dash-3 amendment to House Bill 3,178 changing time limits and disclosure requirements for retail installment contracts and trade-ins, then recommended the bill to the floor with a due-pass vote.
Chair Sosa opened a work session on House Bill 3,178, which addresses timing and disclosure rules for vehicle retail installment contracts and lease agreements. The bill, as amended, reduces the time a dealer may hold a retail installment contract without completing financing or voiding the contract and places a disclosure form requirement in statute.
The dash-3 amendment inserted a retail-installment-contract disclosure form into statute and adjusted timing. Under the…
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