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

 

 

 

HB 2511

 

Introduced by

Representatives Butler: Rodriguez

 

 

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:

START_STATUTE44-284.  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. END_STATUTE

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