Arizona 2022 2022 Regular Session

Arizona House Bill HB2216 Introduced / Bill

Filed 01/12/2022

                    REFERENCE TITLE: auto title loans; title; interest             State of Arizona House of Representatives Fifty-fifth Legislature Second Regular Session 2022           HB 2216           Introduced by  Representatives Butler: Fernandez B, Powers Hannley        AN ACT   amending title 44, chapter 2.1, article 1, Arizona Revised Statutes, by adding section 44-284; relating to motor vehicle time sales.   (TEXT OF BILL BEGINS ON NEXT PAGE)   

 

 

 

REFERENCE TITLE: auto title loans; title; interest
State of Arizona House of Representatives Fifty-fifth Legislature Second Regular Session 2022
HB 2216
Introduced by  Representatives Butler: Fernandez B, Powers Hannley

REFERENCE TITLE: auto title loans; title; interest

 

 

 

 

State of Arizona

House of Representatives

Fifty-fifth Legislature

Second Regular Session

2022

 

 

 

HB 2216

 

Introduced by 

Representatives Butler: Fernandez B, Powers Hannley

 

 

AN ACT

 

amending title 44, chapter 2.1, article 1, Arizona Revised Statutes, by adding section 44-284; relating to motor vehicle time sales.

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

 Be it enacted by the Legislature of the State of Arizona: Section 1. Title 44, chapter 2.1, article 1, Arizona Revised Statutes, is amended by adding section 44-284, to read: START_STATUTE44-284. Secondary motor vehicle finance transaction; clear title required; maximum finance charge A. A seller, bailor, lender or lessor may not enter into a secondary motor vehicle finance transaction unless the borrower holds a clear title to the motor vehicle that the borrower uses to secure the loan. B. The finance charge on a secondary motor vehicle finance transaction may not exceed thirty-six percent. For the purposes of this subsection, "finance charge" includes all interest, charges for ancillary products that are sold in connection with the secondary motor vehicle finance transaction and any other charges that are incidental to the extension of credit. END_STATUTE 

Be it enacted by the Legislature of the State of Arizona:

Section 1. Title 44, chapter 2.1, article 1, Arizona Revised Statutes, is amended by adding section 44-284, to read:

START_STATUTE44-284. Secondary motor vehicle finance transaction; clear title required; maximum finance charge

A. A seller, bailor, lender or lessor may not enter into a secondary motor vehicle finance transaction unless the borrower holds a clear title to the motor vehicle that the borrower uses to secure the loan.

B. The finance charge on a secondary motor vehicle finance transaction may not exceed thirty-six percent. For the purposes of this subsection, "finance charge" includes all interest, charges for ancillary products that are sold in connection with the secondary motor vehicle finance transaction and any other charges that are incidental to the extension of credit. END_STATUTE