Bill Text: FL S1660 | 2012 | Regular Session | Introduced

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Bill Title: Contracts for the Sale or Lease of a Motor Vehicle

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2012-03-09 - Died in Transportation [S1660 Detail]

Download: Florida-2012-S1660-Introduced.html

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       Florida Senate - 2012                                    SB 1660
       
       
       
       By Senator Richter
       
       
       
       
       37-01172-12                                           20121660__
    1                        A bill to be entitled                      
    2         An act relating to contracts for the sale or lease of
    3         a motor vehicle; amending s. 520.07, F.S.; requiring
    4         that contracts between a buyer and seller which are
    5         executed contemporaneously with a retail installment
    6         contract for the sale of a motor vehicle be read and
    7         construed together despite the existence of a merger
    8         or integration clause in the retail installment
    9         contract; amending s. 521.004, F.S.; requiring that
   10         contracts between a retail lessor and lessee which are
   11         executed contemporaneously with the lease of a motor
   12         vehicle be read and construed together despite the
   13         existence of a merger or integration clause in the
   14         lease agreement; providing an effective date.
   15  
   16  Be It Enacted by the Legislature of the State of Florida:
   17  
   18         Section 1. Subsection (12) is added to section 520.07,
   19  Florida Statutes, to read:
   20         520.07 Requirements and prohibitions as to retail
   21  installment contracts.—
   22         (12) Notwithstanding an integration or merger clause in a
   23  retail installment contract for the sale of a motor vehicle
   24  which indicates that the retail installment contract is the only
   25  agreement between seller and buyer, other contracts executed
   26  contemporaneously by the seller and buyer relating to the
   27  vehicle shall be read and construed together with the retail
   28  installment contract.
   29         Section 2. Section 521.004, Florida Statutes, is amended to
   30  read:
   31         521.004 Disclosures.—
   32         (1) A retail lessor must:
   33         (a)(1) Disclose to the retail lessee in the lease agreement
   34  in a separate blocked section, in capital letters of at least
   35  12-point bold type, with the appropriate amounts specified, as
   36  follows:
   37  
   38                     THIS IS A LEASE AGREEMENT.                    
   39                  THIS IS NOT A PURCHASE AGREEMENT.                
   40  
   41  PLEASE REVIEW THESE MATTERS CAREFULLY AND SEEK INDEPENDENT
   42  PROFESSIONAL ADVICE IF YOU HAVE ANY QUESTIONS CONCERNING THIS
   43  TRANSACTION. YOU ARE ENTITLED TO AN EXACT COPY OF THE AGREEMENT
   44  YOU SIGN.
   45         CAPITALIZED COST $.......................................
   46          (Your total cost of goods, services, & fees.)
   47  
   48         CAPITALIZED COST REDUCTION $.............................
   49          (Your total credits.)
   50  
   51         ADJUSTED OR NET CAPITALIZED COST $.......................
   52          (Your net cost of goods, services, & fees.)
   53  
   54  For purposes of this subsection, that portion of the disclosure
   55  stating the terms “capitalized cost,” “capitalized cost
   56  reduction,” and “adjusted or net capitalized cost,” and the
   57  explanations contained in the parentheticals, as well as their
   58  respective amounts, are not required to be disclosed if the
   59  terms “gross capitalized cost,” “capitalized cost reduction,”
   60  and “adjusted capitalized cost” and the descriptions and
   61  disclosures set forth and required by the federal Consumer
   62  Leasing Act, 15 U.S.C. s. 1667 et seq., and Federal Reserve
   63  Board Regulation M. 12 C.F.R. part 213, are set forth elsewhere
   64  in the lease agreement.
   65         (b)(2) Provide the retail lessee with a copy of the lease
   66  agreement.
   67         (2) Notwithstanding an integration or merger clause in a
   68  lease agreement for a motor vehicle which indicates that the
   69  agreement is the only agreement between a retail lessor and
   70  lessee, other contracts executed contemporaneously by the lessor
   71  and lessee relating to the vehicle shall be read and construed
   72  together with the lease agreement.
   73         Section 3. This act shall take effect July 1, 2012.