HB 4702 Summary

• Adds new definition of "subscription service" to motor vehicle sales finance act, including autonomous vehicle software, navigation services, safety services, and data updates.

• Creates new Section 12a requiring licensees offering subscription services to provide buyers with a written disclosure before purchase that must clearly state the cost, that purchase is optional, interest charges if financed, and that cancellation won't reduce installment payments but refunds apply to contract balance.

• Requires subscription service disclosure to include a checkbox for buyer agreement and requires licensee to obtain buyer's signed written acknowledgment of the disclosure.

• Modifies Section 12 to reference the subscription service disclosure requirement and updates contract language throughout from "shall" to "must" for consistency with modern statutory drafting.

• Updates Section 13 to include subscription service costs in the cash price line item of installment sale contracts and modifies finance charge computation reference in Section 18.