Title: Financing of Motor Vehicles

Summary: Prohibiting a manufacturer or wholesale distributor that offers a certain financed product from taking certain actions relating to a paper arising from the retail sale or lease of a motor vehicle which includes the third party's financed product, etc.

Full Text:
An act relating to the financing of motor vehicles; amending s. 545.01, F.S.; revising definitions; defining the term  financed product ; creating s. 545.045, F.S.; prohibiting a manufacturer or wholesale distributor that offers a certain financed product from taking certain actions relating to a paper arising from the retail sale or lease of a motor vehicle which includes the third party s financed product; providing an effective date. Be It Enacted by the Legislature of the State of Florida: Section 1. Section 545.01, Florida Statutes, is reordered and amended to read: 545.01 Definitions.  As used in this chapter the term: (5) (1)   The term  Person  as used in this chapter means an any individual, firm, corporation, partnership, association, trustee, receiver,or assignee for the benefit of creditors. (6) (2)   The terms  Sell,   sold,   buy,  or and  purchase,  includes as used in this chapter, include exchange, barter, gift, or and offer to contract to sell or buy. (4) (3)   The term  Manufacturer  means a any person engaged, directly or indirectly, in the manufacture of motor vehicles and a finance company that is affiliated with, or control led by, the person through common ownership, officers, directors, or management.(7) (4)   The term  Wholesale distributor  means a any person engaged, directly or indirectly, in the sale or distribution of motor vehicles to agents or to dealers and a finance company that is affiliated with, or control led by, the person through common ownership, officers, directors, or management.(1) (5)   The term  Dealer  means a any person who is engaged in, or who intends to engage in the business of selling motor vehicles at retail in this state. The term  dealer  shall also includes a include  retail agent.  (2) (6)   The term  Finance company  means a any person engaged in the business of financing the sale of motor vehicles, or engaged in the business of purchasing or acquiring conditional bills of sale, or promissory notes, either secured by vendor s lien or chattel mortgages, or arising from the sale of motor vehicles in this state. (3)   F inanced product  means a motor vehicle service agreement,as defined in s. 634.011,which is purchased as part of the sale or lease of a motor vehicle, as defined in s. 320.27 (1), or other product regularly sold by a motor vehicle dealer,as defined in s. 320.27 (1 ), which is purchased as part of the sale or lease of a motor vehicle. Section 2. Section 545.045, Florida Statutes, is created to read: 545.0  Purchase or assignment of third-party financ ing. A manufacturer or wholesale distributor that offers a financed product that is of like kind and quality to the financed product offered by a third party may not: (1) R efuse to purchase or accept the assignment of a conditional sales contract, retail installment sales contract, chattel mortgage, or any other paper arising from the retail sale or lease of a motor vehicle which includes the third party s financed product; (2) C harge an additional fee to purchase or ac cept the assignment of a conditional sales contract, retail installment sales contract, chattel mortgage, or any other paper arising from the retail sale or lease of a motor vehicle which includes the third party s financed product; or (3) A lter the terms of purchase of or assignment of a conditional sales contract, retail installment sales contract, chattel mortgage, or any other paper arising from the retail sale or lease of a motor vehicle which includes the third party s financed product. Section 3. This act shall take effect July 1, 2013.