| 1 | 1 | | By: West, et al. S.B. No. 1464 |
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| 2 | 2 | | (Goldman) |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to prohibiting a retail seller of motor vehicles from |
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| 8 | 8 | | imposing certain restrictions on the purchase of a motor vehicle. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Subchapter E, Chapter 348, Finance Code, is |
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| 11 | 11 | | amended by adding Section 348.415 to read as follows: |
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| 12 | 12 | | Sec. 348.415. RESTRICTIONS ON MOTOR VEHICLE PURCHASES |
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| 13 | 13 | | FUNDED OR FINANCED USING PROSPECTIVE BUYER'S OWN MONEY OR |
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| 14 | 14 | | THIRD-PARTY FINANCING PROHIBITED. (a) A retail seller may not |
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| 15 | 15 | | increase the sale price of a motor vehicle for a prospective buyer |
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| 16 | 16 | | who purchases a motor vehicle with: |
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| 17 | 17 | | (1) the prospective buyer's own money; or |
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| 18 | 18 | | (2) a loan from a third-party lender who is neither the |
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| 19 | 19 | | retail seller nor affiliated with the retail seller. |
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| 20 | 20 | | (b) A retail seller may not prohibit a prospective buyer |
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| 21 | 21 | | from paying the sale price at the time of sale with: |
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| 22 | 22 | | (1) the prospective buyer's own money; or |
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| 23 | 23 | | (2) a loan from a third-party lender who is neither the |
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| 24 | 24 | | retail seller nor affiliated with the retail seller. |
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| 25 | 25 | | (c) A retail seller may not make a false or misleading |
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| 26 | 26 | | representation that is inconsistent with this section. |
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| 27 | 27 | | SECTION 2. The changes in law made by this Act apply only to |
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| 28 | 28 | | an agreement entered into on or after the effective date of this |
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| 29 | 29 | | Act. |
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| 30 | 30 | | SECTION 3. This Act takes effect September 1, 2023. |
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