Loading chat...
OK SB1467
Bill
Status
2/1/2016
Primary Sponsor
Anastasia Pittman
Click for details
AI Summary
-
Motor vehicle dealers must provide written disclosure with loan transaction terms showing whether any reserve or yield premium spread is being added to the buyer's qualified interest rate.
-
Disclosure statement must specify the dealer reserve or yield premium spread amount in actual percentage points above the buyer's qualified rate from the lender.
-
Licensed motor vehicle dealers may receive a maximum dealer reserve or yield premium spread of 3 percentage points above the interest rate the buyer qualifies for based on loan amount, terms, and credit rate.
-
Any reserve or yield premium spread exceeding 3 percentage points is unlawful and constitutes an unfair practice under the Consumer Credit Code.
-
Effective date is November 1, 2016.
Legislative Description
Consumer credit; requiring written disclosure of reserve or yield premium spread. Effective date.
Last Action
Second Reading referred to Business and Commerce
2/2/2016