SB 1300
Initials NM/TM Page 1 Military Affairs & Public Safety
ARIZONA HOUSE OF REPRESENTATIVES
Fifty-sixth Legislature
Second Regular Session
Senate: MAPS DP 6-0-1-0
SB 1300: electromagnetic pulse preparedness; posting
S/E: car title loans; rate; contracts
Sponsor: Senator Farnsworth, LD 10
Committee on Military Affairs & Public Safety
Summary of the Strike-Everything Amendment to SB 1300
Overview
Requires car title loan contracts and secondary motor vehicle finance transaction contracts
to have specified cost and interest information prominently displayed.
History
Car title loan contracts are required to include information on the cost of the vehicle including
the: 1) amount of the finance charge and the rate it was calculated at; 2) cash sale price; 3)
amount of the buyer's down payment; 4) amount included for insurance; 5) final cash price
balance; and 6) time balance (A.R.S. § 44-287).
Secondary motor vehicle finance transactions are defined as any contract that includes
provisions for either obtaining a security interest in, or a lien on, a motor vehicle and the sale
of a motor vehicle and the seller's right to retain use of the motor vehicle after the sale (A.R.S.
§ 44-281).
Provisions
1. Adds the annual percentage rate (APR) to the list of information that must be contained
in a car title loan contract. (Sec. 1)
2. Requires car title loan contracts to have the finance charge and the APR displayed in
large type of at least 15 points placed directly above the signature line of the contract.
(Sec. 1)
3. Requires secondary motor vehicle finance transaction contracts to have the annual
secondary motor vehicle finance rate displayed in large type of at least 15 points placed
directly above the signature line of the contract. (Sec. 2)
4. Makes technical changes. (Sec. 1, 2)
☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note