Bill Text: FL S1354 | 2013 | Regular Session | Introduced

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Bill Title: Financing of Motor Vehicles

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2013-05-03 - Died in Commerce and Tourism [S1354 Detail]

Download: Florida-2013-S1354-Introduced.html

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       Florida Senate - 2013                                    SB 1354
       
       
       
       By Senator Detert
       
       
       
       
       28-00768A-13                                          20131354__
    1                        A bill to be entitled                      
    2         An act relating to the financing of motor vehicles;
    3         amending s. 545.01, F.S.; revising definitions;
    4         defining the term “financed product”; creating s.
    5         545.045, F.S.; prohibiting a manufacturer or wholesale
    6         distributor that offers a certain financed product
    7         from taking certain actions relating to a paper
    8         arising from the retail sale or lease of a motor
    9         vehicle which includes the third party’s financed
   10         product; providing an effective date.
   11  
   12  Be It Enacted by the Legislature of the State of Florida:
   13  
   14         Section 1. Section 545.01, Florida Statutes, is reordered
   15  and amended to read:
   16         545.01 Definitions.—As used in this chapter the term:
   17         (5)(1) The term “Person” as used in this chapter means an
   18  any individual, firm, corporation, partnership, association,
   19  trustee, receiver, or assignee for the benefit of creditors.
   20         (6)(2) The terms “Sell,” “sold,” “buy,” or and “purchase,”
   21  includes as used in this chapter, include exchange, barter,
   22  gift, or and offer to contract to sell or buy.
   23         (4)(3) The term “Manufacturer” means a any person engaged,
   24  directly or indirectly, in the manufacture of motor vehicles and
   25  a finance company that is affiliated with, or controlled by, the
   26  person through common ownership, officers, directors, or
   27  management.
   28         (7)(4) The term “Wholesale distributor” means a any person
   29  engaged, directly or indirectly, in the sale or distribution of
   30  motor vehicles to agents or to dealers and a finance company
   31  that is affiliated with, or controlled by, the person through
   32  common ownership, officers, directors, or management.
   33         (1)(5) The term “Dealer” means a any person who is engaged
   34  in, or who intends to engage in the business of selling motor
   35  vehicles at retail in this state. The term “dealer” shall also
   36  includes a include “retail agent.”
   37         (2)(6) The term “Finance company” means a any person
   38  engaged in the business of financing the sale of motor vehicles,
   39  or engaged in the business of purchasing or acquiring
   40  conditional bills of sale, or promissory notes, either secured
   41  by vendor’s lien or chattel mortgages, or arising from the sale
   42  of motor vehicles in this state.
   43         (3) “Financed product” means a motor vehicle service
   44  agreement, as defined in s. 634.011, which is purchased as part
   45  of the sale or lease of a motor vehicle, as defined in s.
   46  320.27(1), or other product regularly sold by a motor vehicle
   47  dealer, as defined in s. 320.27(1), which is purchased as part
   48  of the sale or lease of a motor vehicle.
   49         Section 2. Section 545.045, Florida Statutes, is created to
   50  read:
   51         545.045 Purchase or assignment of third-party financing.—A
   52  manufacturer or wholesale distributor that offers a financed
   53  product that is of like kind and quality to the financed product
   54  offered by a third party may not:
   55         (1) Refuse to purchase or accept the assignment of a
   56  conditional sales contract, retail installment sales contract,
   57  chattel mortgage, or any other paper arising from the retail
   58  sale or lease of a motor vehicle which includes the third
   59  party’s financed product;
   60         (2) Charge an additional fee to purchase or accept the
   61  assignment of a conditional sales contract, retail installment
   62  sales contract, chattel mortgage, or any other paper arising
   63  from the retail sale or lease of a motor vehicle which includes
   64  the third party’s financed product; or
   65         (3) Alter the terms of purchase of or assignment of a
   66  conditional sales contract, retail installment sales contract,
   67  chattel mortgage, or any other paper arising from the retail
   68  sale or lease of a motor vehicle which includes the third
   69  party’s financed product.
   70         Section 3. This act shall take effect July 1, 2013.