SSHB 81: "An Act relating to motor vehicle dealer charges for fees and costs; and relating to the financing of motor vehicle purchases."
00 SPONSOR SUBSTITUTE FOR HOUSE BILL NO. 81 01 "An Act relating to motor vehicle dealer charges for fees and costs; and relating to the 02 financing of motor vehicle purchases." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 45.25.440 is amended to read: 05 Sec. 45.25.440. Additional fees and costs [ADVERTISED PRICE]. (a) 06 When selling a motor vehicle, a motor vehicle dealer may not charge any [DEALER] 07 fees or costs in addition to the advertised or negotiated price, except for 08 (1) fees actually paid to a state agency for licensing, registration, or 09 title transfers; 10 (2) charges for warranties, for motor vehicle modifications, for 11 services offered as an option by the motor vehicle dealer, or for material changes 12 to the motor vehicle offered as an option by the motor vehicle dealer [, UNLESS 13 THE FEES OR COSTS ARE INCLUDED IN THE ADVERTISED PRICE]. 14 (b) In this section, "[DEALER] fees or costs" includes dealer preparation fees,
01 document preparation fees, surcharges, charges, and other [DEALER-IMPOSED] 02 fees and costs. 03 * Sec. 2. AS 45.25.610(c) is amended to read: 04 (c) If a motor vehicle dealer arranges financing for a buyer, the motor vehicle 05 dealer may deliver the motor vehicle to the buyer before final approval by the 06 financing entity if 07 (1) the buyer and seller sign an agreement separate from the motor 08 vehicle installment contract on an 8 1/2 x 11 inch sheet of paper that clearly and 09 conspicuously informs the buyer that final financing arrangements have not yet been 10 approved and that clearly sets out the amount that will be financed, the annual 11 percentage rate of the finance charge, the amount of the finance charge, the number 12 and frequency of payments, and the amount of each payment; 13 (2) the separate agreement in (1) of this subsection clearly and 14 conspicuously informs the buyer that accepting delivery of the vehicle before final 15 financing approval obligates the buyer to terms of the motor vehicle sales contract if 16 the terms on the separate agreement are identical to the terms finally approved by the 17 financing entity; and 18 (3) the separate agreement in (1) of this subsection provides that the 19 separate agreement, the motor vehicle sales contract, and any and all other conditions 20 of the purchase will be void if any of the terms contained in the separate agreement are 21 changed by either the motor vehicle dealer or the financing institution as a condition 22 of sale or final financing approval.