Bill Text: TX SB1464 | 2023-2024 | 88th Legislature | Comm Sub


Bill Title: Relating to prohibiting a retail seller of motor vehicles from imposing certain restrictions on the purchase of a motor vehicle.

Spectrum: Slight Partisan Bill (Republican 4-2)

Status: (Engrossed - Dead) 2023-05-23 - Placed on General State Calendar [SB1464 Detail]

Download: Texas-2023-SB1464-Comm_Sub.html
 
 
  By: West, et al. S.B. No. 1464
 
  (Goldman)
 
   
 
 
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 MOTOR VEHICLE PURCHASES
  FUNDED OR FINANCED USING PROSPECTIVE BUYER'S OWN MONEY OR
  THIRD-PARTY FINANCING PROHIBITED.  (a)  A retail seller may not
  increase the sale price of a motor vehicle for a prospective buyer
  who purchases a motor vehicle with:
               (1)  the prospective buyer's own money; or
               (2)  a loan from a third-party lender who is neither the
  retail seller nor affiliated with the retail seller.
         (b)  A retail seller may not prohibit a prospective buyer
  from paying the sale price at the time of sale with:
               (1)  the prospective buyer's own money; or
               (2)  a loan from a third-party lender who is neither the
  retail seller nor affiliated with the retail seller.
         (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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