Bill Text: TX SB1464 | 2023-2024 | 88th Legislature | Comm Sub
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 | |
| (Goldman) | ||
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| 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 MOTOR VEHICLE PURCHASES | ||
| FUNDED OR FINANCED USING PROSPECTIVE BUYER'S OWN MONEY OR | ||
| THIRD-PARTY FINANCING PROHIBITED. (a) A retail seller may not | ||
| increase the sale price of a motor vehicle for a prospective buyer | ||
| who purchases a motor vehicle with: | ||
| (1) the prospective buyer's own money; or | ||
| (2) a loan from a third-party lender who is neither the | ||
| retail seller nor affiliated with the retail seller. | ||
| (b) A retail seller may not prohibit a prospective buyer | ||
| from paying the sale price at the time of sale with: | ||
| (1) the prospective buyer's own money; or | ||
| (2) a loan from a third-party lender who is neither the | ||
| retail seller nor affiliated with the retail seller. | ||
| (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. | ||
