Arizona 2022 Regular Session

Arizona House Bill HB2216 Compare Versions

Only one version of the bill is available at this time.

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1	1	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)
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9	9	REFERENCE TITLE: auto title loans; title; interest
10	10	State of Arizona House of Representatives Fifty-fifth Legislature Second Regular Session 2022
11	11	HB 2216
12	12	Introduced by Representatives Butler: Fernandez B, Powers Hannley
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14	14	REFERENCE TITLE: auto title loans; title; interest
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40	40	HB 2216
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46	46	Representatives Butler: Fernandez B, Powers Hannley
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52	52	AN ACT
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56	56	amending title 44, chapter 2.1, article 1, Arizona Revised Statutes, by adding section 44-284; relating to motor vehicle time sales.
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60	60	(TEXT OF BILL BEGINS ON NEXT PAGE)
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64	64	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
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66	66	Be it enacted by the Legislature of the State of Arizona:
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68	68	Section 1. Title 44, chapter 2.1, article 1, Arizona Revised Statutes, is amended by adding section 44-284, to read:
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70	70	START_STATUTE44-284. Secondary motor vehicle finance transaction; clear title required; maximum finance charge
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72	72	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.
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74	74	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