The bill, S.B. No. 229, aims to prohibit retail sellers of motor vehicles from imposing certain restrictions on the purchase of vehicles, specifically when the purchase is funded by the buyer's own money or through third-party financing. It introduces a new section, 348.415, to the Finance Code, which explicitly states that a retail seller cannot increase the sale price for buyers using their own funds or loans from independent lenders. Additionally, the bill prohibits sellers from preventing buyers from paying the sale price at the time of sale using these same funding methods.

Furthermore, the bill mandates that retail sellers must not make any false or misleading representations that contradict the provisions outlined in this new section. The changes will only apply to agreements made on or after the effective date of the Act, which is set for September 1, 2025.

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