Bill Text: AZ HB2511 | 2021 | Fifty-fifth Legislature 1st Regular | Introduced
Bill Title: Auto title loans; title; interest
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2021-02-01 - House read second time [HB2511 Detail]
Download: Arizona-2021-HB2511-Introduced.html
REFERENCE TITLE: auto title loans; title; interest |
State of Arizona House of Representatives Fifty-fifth Legislature First Regular Session 2021
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HB 2511 |
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Introduced by Representatives Butler: Rodriguez
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AN ACT
amending title 44, chapter 2.1, article 1, Arizona Revised Statutes, by adding section 44‑284; relating to motor vehicle time sales.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 44, chapter 2.1, article 1, Arizona Revised Statutes, is amended by adding section 44-284, to read:
44-284. Secondary motor vehicle finance transaction; clear title required; maximum finance charge
A. A seller, bailor, lender or lessor may not enter into a secondary motor vehicle finance transaction unless the borrower holds a clear title to the motor vehicle that the borrower uses to secure the loan.
B. The finance charge on a secondary motor vehicle finance transaction may not exceed thirty-six percent. For the purposes of this subsection, "finance charge" includes all interest, charges for ancillary products that are sold in connection with the secondary motor vehicle finance transaction and any other charges that are incidental to the extension of credit.