2012 Louisiana Laws
Revised Statutes
TITLE 32 — Motor vehicles and traffic regulation
RS 32:795 — Deposits and down payments; disclosure; return
§795. Deposits and down payments; disclosure; return
A. Every used motor vehicle dealer who accepts a deposit or a down payment from a consumer shall provide the consumer with a purchase agreement statement containing the following:
(1) A complete description of the motor vehicle subject to the purchase agreement, including the make, model, year, and vehicle identification number.
(2) The purchase price of the vehicle.
(3) The amount of the deposit or down payment.
(4) A statement identifying whether the funds received by the dealer are for deposit or down payment.
(5) Any conditions necessary to complete the sale.
B. Every used motor vehicle dealer who accepts a deposit or down payment for a purchase agreement conditioned upon the consumer's ability to obtain financing of the remainder of the purchase price shall return the deposit or down payment upon a determination that the consumer does not qualify for financing. If no determination is made regarding financing within twenty days of the receipt of the deposit or down payment, the deposit or down payment shall be returned to the consumer at the end of the twenty-day period.
Acts 2012, No. 136, §1.
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