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Ron DeSantis signs legislation affecting car buyers in Florida

Ron DeSantis signs legislation affecting car buyers in Florida

Although inflation continues to be dangerous, in America There are many conveniences when buying a car. In that sense, a new law emerged in the last few hours – promulgated by Ron DeSantis– It benefits the retail of used vehicles Florida. Under the heading “Vehicle Value Protection Contracts ActThe requirements of economic contracts that can be agreed upon in contracts of exchange are established.

This Monday Governor Introduced 16 new regulations and directly involved people who dream of buying a car. In a country of such large dimensions, it is often necessary to get its citizens moving, which is why the aforementioned politician sought a way to give them some respite.

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The SB 902 “Finance Agreements for the Retail Sale of Motor Vehicles,” effective October 1st, was unanimously approved by the Florida Senate and replaces state laws related to retail installment sales of these types of products. It shows the type of charges, certain conditional sales, duplicate coverage and restrictions on sales with other elements in these contracts.

Vehicle Value Protection Agreements: What They Are and How They Affect You

In the event of a negative event meaning loss, theft or irreparable damage, something called a “Vehicle Value Protection Agreement” comes into play (V.V.A.Bits summary in English).

This is a contract agreement that provides the contractor with the benefit of reducing some or all of the outstanding balance of the contractor’s current financial contract. In short, it is a protection for the buyer when he is affected by an unforeseen event. And the new regulation establishes the following:

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  • Any amount charged or financed for VVAP shall not be treated as finance charge or interest and shall be specified separately in the finance agreement and VVAP of the car.
  • The terms of the extension of credit, terms of credit, or the terms of the sale or lease of the related motor vehicle shall not be conditioned on the consumer’s payment or financing of any payment for the VVAP.
  • Provider may use an administrator or other designated person to administer the VVAP.
  • A VVAP may not be sold to a person unless a copy of such vehicle value protection agreement is provided to them or they are given access to it within a reasonable time following the sale.
  • A VVAP cannot be sold if it duplicates the coverage of another vehicle value protection contract or guaranteed asset protection product sold to an individual.

Failure to comply with the regulations is considered a non-criminal violation and is punishable by a fine not exceeding US$500 per violation and a fine not exceeding US$10,000 in the aggregate for all similar violations.