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