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2009 SESSION

• | print version

HB 1687 Motor vehicle dealers; disclosure if financing, cancellation of purchaser's contract to buy vehicle.

Introduced by: John A. Cosgrove | all patrons    ...    notes | add to my profiles | history

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION:

Vehicle sales subject to conditional financing.  Spells out rights of dealers and buyers when purchases of vehicles are conditional upon financing of the transaction by an independent source.

SUMMARY AS PASSED:

Vehicle sales subject to conditional financing.  Spells out rights of dealers and buyers when purchases of vehicles are conditional upon financing of the transaction by an independent source.  The bill further provides that if the dealer, seller, or purchaser exercises his statutory or contractual rights to cancel a purchaser's contract to buy a vehicle before application for title to the vehicle has been submitted to the Department in the name of the purchaser, the dealer has the right to possession of the vehicle without claim of possession by the purchaser within 24 hours of written or oral notice to the purchaser and without regard to the provisions of the Commercial Code, provided the dealer's right to possession is enforced in accordance with law and without breach of the peace.

SUMMARY AS PASSED HOUSE:

Motor vehicle dealers; cancellation of purchaser's contract to buy a vehicle.  Provides that if a dealer exercises his statutory or contractual rights to cancel a purchaser's contract to buy a vehicle before application for title to the vehicle has been submitted to DMV in the name of the purchaser, the dealer has the right to immediate possession of the vehicle without claim of possession by the purchaser.

SUMMARY AS INTRODUCED:

Motor vehicle dealers; cancellation of purchaser's contract to buy a vehicle.  Provides that if a dealer exercises his statutory or contractual rights to cancel a purchaser's contract to buy a vehicle before title to the vehicle has been issued in the name of the purchaser, the dealer has the right to immediate possession of the vehicle without claim of possession by the purchaser.