Electronic transactions: motor vehicle finance.

Existing law, the Uniform Electronic Transactions Act (UETA) , generally allows parties to contract to conduct transactions by electronic means, imposes specified requirements on electronic transactions in order to comply with the act, and provides specified protections for electronic transactions conducted pursuant to the act. Existing law defines and regulates the form and content of conditional sale contracts and lease contracts for motor vehicles and excepts these contracts from the application of the UETA. This bill would delete the exemption from the UETA for conditional sale and lease contracts for motor vehicles. The bill would authorize sellers and lessors to choose to offer buyers and lessees the option of signing their respective contracts and agreements electronically. The bill would require certain disclosures to be made in this regard and to be in a document separate from a conditional sale contract or lease contract. The bill would prohibit a seller or lessor from charging a buyer or lessee for a decision not to sign electronically and would prohibit charging more or less for vehicles based on the decision to sign electronically. The bill would require that the disclosures described here be signed at the seller's or lessor's place of business. This bill would require an exact copy of the executed contract to be furnished to the buyer or provided to the lessee at the time the contract is electronically signed, as specified.