Trade: vehicles; used motor vehicle cancellation option agreement; provide for. Creates new act.

This bill creates the "Used Motor Vehicle Warranty Act" to offer buyers of used cars a short-term cancellation option. It requires dealers selling used vehicles with a purchase price of $50,000 or less to provide customers with a contract that allows them to return the car without cause within two days of purchase. Under this agreement, buyers can drive the vehicle up to 150 miles and have it inspected by a mechanic of their choice during that two-day window. If a customer decides to cancel, they must pay a restocking fee that varies based on the vehicle's price, ranging from $175 to $500. The law excludes motorcycles, off-highway vehicles, and cars costing more than $50,000 from these requirements, and it does not apply to private sales between individuals.