An Act relative to the financing of motor vehicle purchases
Take action
Take a stance or write a position on this measure.
Create an account to take a stance, submit a written position, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
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.
Bill text
Read the latest version inline or switch to a previous version.
Text extraction is in progress. View the official source.
Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
William C. Galvin
Cosponsor
William C. Galvin
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours