The proposed bill amends several sections of the Arizona Revised Statutes related to motor vehicle title loans. Key changes include the introduction of a prohibition against making, offering, or arranging secondary motor vehicle finance transactions with individuals in Arizona, rendering such transactions void and subject to penalties. Additionally, the bill clarifies that retail installment contracts must be completed before signing and specifies the required font sizes for contract terms, including a statement regarding liability insurance coverage.

Other amendments focus on the calculation of finance charges and rebates upon prepayment of contracts. The bill ensures that finance charges are calculated fairly and prohibits the use of the "rule of 78's" for rebate calculations. It also standardizes the language regarding late payment charges, ensuring consistency in the percentage applied to unpaid balances. Overall, the bill aims to enhance consumer protection in motor vehicle financing transactions.

Statutes affected:
Introduced Version: 44-281, 44-286, 44-291, 44-1522