Digest: Says a person may not charge for a loan used to buy a car, or lease a car, fees that are more than the greater of $150 or one half of one percent of the loan amount or car price. (Flesch Readability Score: 68.2).
Prohibits a person from charging as the sum of specified fees more than $150 or one half of one percent of the amount of a consumer finance loan made for the purpose of purchasing a motor vehicle or one half of one percent of cash sale price of the motor vehicle. Applies the prohibition to retail installment sales and retail leases of motor vehicles.