OR HB3178

Buyers have the right to void a motor vehicle transaction if a lender does not agree to purchase the retail installment contract on the exact negotiated terms within 10 calendar days (reduced from 14 days) after taking possession of the vehicle.

Sellers must provide buyers with a conspicuous written disclosure form in English before completing the transaction, including seller/buyer/vehicle information, the right to void, and contact information for the Oregon State Bar and Department of Justice Consumer Hotline.

The Attorney General must provide the disclosure form in English, Spanish, Vietnamese, Chinese, Russian, and Korean on their website.

If financing falls through within the 10-day period, sellers must either accept the contract on the original terms or void the transaction and return all items of value to the buyer within two days.

Sellers are prohibited from selling a trade-in vehicle or paying off the buyer's outstanding loan on a trade-in before receiving final funding approval; if violated, the seller is liable to the buyer for the greater of the payoff balance, trade-in value, or sale proceeds.