Senate Bill 1366er

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  1

  2         An act relating to motor vehicles; amending s.

  3         521.004, F.S.; modifying the disclosure form

  4         for a motor vehicle lease; amending s. 681.102,

  5         F.S.; modifying definitions applicable to motor

  6         vehicle sales warranties; providing an

  7         effective date.

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  9  Be It Enacted by the Legislature of the State of Florida:

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11         Section 1.  Section 521.004, Florida Statutes, is

12  amended to read:

13         521.004  Disclosures.--A retail lessor must:

14         (1)  Disclose to the retail lessee in the lease

15  agreement in a separate blocked section, in capital letters of

16  at least 12-point bold type, with the appropriate amounts

17  specified, as follows:

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19                    THIS IS A LEASE AGREEMENT.

20                THIS IS NOT A PURCHASE AGREEMENT.

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22  PLEASE REVIEW THESE MATTERS CAREFULLY AND SEEK INDEPENDENT

23  PROFESSIONAL ADVICE IF YOU HAVE ANY QUESTIONS CONCERNING THIS

24  TRANSACTION. YOU ARE ENTITLED TO AN EXACT COPY OF THE

25  AGREEMENT YOU SIGN.

26         CAPITALIZED COST             $.................

27           (Your total cost of goods, services, & fees.)

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29         CAPITALIZED COST REDUCTION   $.................

30           (Your total credits.)

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CODING: Words stricken are deletions; words underlined are additions.




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    1998 Legislature                         CS for CS for SB 1366



  1         ADJUSTED OR NET CAPITALIZED COST $.............

  2           (Your net cost of goods, services, & fees.)

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  4  For purposes of this subsection, that portion of the

  5  disclosure stating the terms "capitalized cost," "capitalized

  6  cost reduction," and "adjusted or net capitalized cost," and

  7  the explanations contained in the parentheticals, as well as

  8  their respective amounts, are not required to be disclosed if

  9  the terms "gross capitalized cost," "capitalized cost

10  reduction," and "adjusted capitalized cost" and the

11  descriptions and disclosures set forth and required by the

12  federal Consumer Leasing Act, 15 USC s. 1667 et seq., and

13  Federal Reserve Board Regulation M. 12 CFR part 213, are set

14  forth elsewhere in the lease agreement.

15         (2)  Provide the retail lessee with a copy of each

16  document signed by the retail lessee during the course of the

17  lease transaction.

18         Section 2.  Subsection (9) of section 681.102, Florida

19  Statutes, is amended to read:

20         681.102  Definitions.--As used in this chapter, the

21  term:

22         (9)  "Lease price" means the aggregate of the

23  capitalized cost, as defined in s. 521.003(2), and each of the

24  following items to the extent not included in the capitalized

25  cost:

26         (a)  Lessor's earned rent charges through the date of

27  repurchase actual purchase costs.

28         (b)  Collateral charges, if applicable.

29         (c)  Any fee paid to another to obtain the lease.

30         (d)  Any insurance or other costs expended by the

31  lessor for the benefit of the lessee.


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CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    1998 Legislature                         CS for CS for SB 1366



  1         (e)  An amount equal to state and local sales taxes,

  2  not otherwise included as collateral charges, paid by the

  3  lessor when the vehicle was initially purchased.

  4         (f)  An amount equal to 5 percent of (a).

  5         Section 3.  This act shall take effect July 1, 1998.

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