House Engrossed

motor vehicle transactions; advertised vehicle price

State of Arizona

House of Representatives

Fifty-fifth Legislature

First Regular Session

2021

HOUSE BILL 2721

AN ACT

amending section 44-1371, Arizona Revised Statutes; relating to motor vehicle transactions.

(TEXT OF BILL BEGINS ON NEXT PAGE)

Be it enacted by the Legislature of the State of Arizona:

Section 1. Section 44-1371, Arizona Revised Statutes, is amended to read:

START_STATUTE44-1371. Motor vehicle transactions; conditional financing; traded motor vehicle; advertised price; definition

A. If a sale or lease of a motor vehicle from a motor vehicle dealer or a lessor to a customer is conditioned on final approval of financing by a lender or lessor, the motor vehicle dealer or lessor shall retain title and possession of any motor vehicle traded by a customer as part of the transaction until financing is finally approved or the traded motor vehicle is returned to the customer.  Any remedy for a violation of this section may not be waived, modified or limited by agreement or contract.

B. If a motor vehicle dealer charges a document fee for a motor vehicle transaction, the motor vehicle dealer must clearly and conspicuously disclose in its advertisement for a motor VEHICLE that a document fee will be charged FOR A motor vehicle transaction.

C. For the purposes of this section, the term "motor vehicle dealer" has the same meaning prescribed in section 28-4301. END_STATUTE