By: West, et al. S.B. No. 1464
(In the Senate - Filed March 2, 2023; March 16, 2023, read
first time and referred to Committee on Business & Commerce;
April 5, 2023, reported favorably by the following vote: Yeas 10,
Nays 1; April 5, 2023, sent to printer.)
Click here to see the committee vote
A BILL TO BE ENTITLED
AN ACT
relating to prohibiting a retail seller of motor vehicles from
imposing certain restrictions on the purchase of a motor vehicle.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter E, Chapter 348, Finance Code, is
amended by adding Section 348.415 to read as follows:
Sec. 348.415. RESTRICTIONS ON CASH PURCHASES OR THIRD-PARTY
FINANCING PROHIBITED. (a) A retail seller may not increase the
cash price of a motor vehicle for a buyer who purchases a motor
vehicle with:
(1) the buyer's own money; or
(2) a loan from a third-party lender.
(b) A retail seller may not prohibit a prospective buyer
from paying the cash price at the time of sale with:
(1) the prospective buyer's own money; or
(2) a loan from a third-party lender.
(c) A retail seller may not make a false or misleading
representation that is inconsistent with this section.
SECTION 2. The changes in law made by this Act apply only to
an agreement entered into on or after the effective date of this
Act.
SECTION 3. This Act takes effect September 1, 2023.
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