AZ SB1400

Amends Arizona law governing motor vehicle retail installment contracts to require display of the annual percentage rate and finance charge in large type of at least 15 points placed directly above the signature line.

Modifies secondary motor vehicle finance transaction provisions to require the annual secondary motor vehicle finance rate be conspicuously disclosed in large type of at least 15 points placed directly above the signature line of the contract.

Establishes maximum monthly finance rates for secondary motor vehicle finance transactions: 17% for loans of $500 or less, 15% for $500-$2,500, 13% for $2,500-$5,000, and 10% for loans exceeding $5,000.

Makes secondary motor vehicle finance transactions voidable if licensees charge amounts exceeding expressly allowed finance charges and fees, with no right to collect principal, finance charges or fees.

Declares secondary motor vehicle finance transactions made by unlicensed persons as void with no right to collect, receive or retain any principal, finance charges or fees.