Bill Text: TX SB1464 | 2023-2024 | 88th Legislature | Comm Sub
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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
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 | |
(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.) | ||
|
||
|
||
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. | ||
* * * * * |