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IN SB0017
Bill
Status
1/6/2015
Primary Sponsor
Lonnie Randolph
Click for details
AI Summary
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Permits purchasers of used motor vehicles from dealers to rescind the purchase within 72 hours if the vehicle has a nonconformity (defect) that substantially impairs its use, market value, or safety.
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Allows rescission only if the purchaser returns the vehicle to the dealer's place of business, notifies the dealer of the nonconformity, and requests rescission within the 72-hour window.
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Dealers may avoid rescission rights by plainly disclosing the nonconformity in writing before purchase using "as is," "with all faults," or warranty exclusion language in accordance with IC 26-1-2-316.
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Dealers must provide restitution through either a full refund of the contract price (including trade-in credits and allowances) or replacement with a comparable vehicle; prevailing purchasers may choose the restitution method.
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Purchasers may bring civil actions in circuit or superior court within 2 years of rescission and recover costs and attorney's fees if they prevail; this chapter does not limit other remedies available under Indiana law.
Legislative Description
Right to rescind purchase of used motor vehicle. Right to rescind purchase of used motor vehicle. Permits the purchaser of a used motor vehicle purchased from a dealer to rescind the purchase of the vehicle within 72 hours after purchase under certain circumstances if the vehicle has a defect that substantially impairs the use, market value, or safety of the vehicle.
Last Action
First Reading: referred to Committee on Civil Law
1/6/2015