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A BILL TO BE ENTITLED
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AN ACT
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relating to prohibiting a retail seller of motor vehicles from |
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imposing certain restrictions on the purchase of a motor vehicle. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter E, Chapter 348, Finance Code, is |
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amended by adding Section 348.415 to read as follows: |
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Sec. 348.415. RESTRICTIONS ON MOTOR VEHICLE PURCHASES |
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FUNDED OR FINANCED USING PROSPECTIVE BUYER'S OWN MONEY OR |
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THIRD-PARTY FINANCING PROHIBITED. (a) A retail seller may not |
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increase the sale price of a motor vehicle for a prospective buyer |
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who purchases a motor vehicle with: |
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(1) the prospective buyer's own money; or |
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(2) a loan from a third-party lender who is neither the |
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retail seller nor affiliated with the retail seller. |
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(b) A retail seller may not prohibit a prospective buyer |
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from paying the sale price at the time of sale with: |
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(1) the prospective buyer's own money; or |
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(2) a loan from a third-party lender who is neither the |
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retail seller nor affiliated with the retail seller. |
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(c) A retail seller may not make a false or misleading |
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representation that is inconsistent with this section. |
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SECTION 2. The changes in law made by this Act apply only to |
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an agreement entered into on or after the effective date of this |
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Act. |
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SECTION 3. This Act takes effect September 1, 2023. |