H 373
An Act relative to the financing of motor vehicle purchases
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Bill overview
This bill, An Act relative to the financing of motor vehicle purchases, aims to address consumer concerns about vehicle financing practices. It seeks to increase transparency and potentially regulate certain aspects of how vehicle loans are offered and structured. The bill is currently under review by the Committee on Consumer Protection and Professional Licensure.
Key provisions
- Requires lenders to provide clearer disclosures about loan terms and fees.
- Addresses potential issues with predatory lending practices in vehicle financing.
- May include provisions related to interest rate caps or loan term limitations.
- Focuses on ensuring consumers understand the total cost of a vehicle purchase, including financing.
- Could establish guidelines for vehicle dealer financing practices.
Who is affected
- Consumers purchasing vehicles
- Vehicle dealerships
- Vehicle lenders
- Financial institutions
- The state’s consumer protection agencies
Notable changes
- The bill seeks to increase consumer protections within the vehicle financing industry.
- It builds upon previous attempts to regulate vehicle financing practices in Massachusetts.
- Specific changes to current law will depend on the final form of the legislation.
Sponsors
Official sponsors from legislative records.
Primary sponsor
William C. Galvin
Cosponsor
William C. Galvin
Arguments in favor
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Bill H.373 194th (Current)
An Act relative to the financing of motor vehicle purchases
By Representative Galvin of Canton, a petition (accompanied by bill, House, No. 373) of William C. Galvin relative to the financing of motor vehicle purchases. Consumer Protection and Professional Licensure.
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Bill Information
Bill Information
Presenter: William C. Galvin
Tabs
Bill History Petitioners Committee Summary Hearing Attendance
Bill History
Displaying 5 actions for Bill H.373
| Date | Branch | Action |
| 2/27/2025 | House | Referred to the committee on Consumer Protection and Professional Licensure |
| 2/27/2025 | Senate | Senate concurred |
| 10/2/2025 | Joint | Hearing scheduled for 10/14/2025 from 10:00 AM-01:00 PM in A-2 |
| 10/14/2025 | Joint | Hearing rescheduled to 10/14/2025 from 10:00 AM-11:30 AM in A-2 and Virtual Hearing updated to New End Time |
| 2/17/2026 | House | Accompanied a study order, see H5081 |
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