HB 2723 Summary

• Requires annual percentage rate (APR) and finance charge amounts in motor vehicle retail installment contracts to be displayed in large type of at least 15 points placed directly above the signature line.

• Modifies terminology throughout Arizona Revised Statutes sections 44-287 and 44-291 to replace outdated language (e.g., "which" to "that," "per cent" to "percent," "permitted" to "allowed").

• Clarifies that section 44-287 contract requirements do not apply to secondary motor vehicle finance transactions if the contract complies with federal disclosure requirements.

• Requires sellers in secondary motor vehicle finance transactions to conspicuously disclose the annual secondary motor vehicle finance rate in large type of at least 15 points placed directly above the signature line.