repealing the requirement that vehicle funding loan contracts have successive periodic payments that are substantially equal in amount.
Maddy summaryHB 382 repeals a requirement that vehicle loan contracts under state funding programs must have periodic payments that are substantially equal in amount. This change directly affects borrowers in state-administered vehicle financing programs by allowing lenders to structure repayment terms with varying payment amounts instead of fixed installments. The key provision removes the specific "substantially equal" payment rule from the statute, granting flexibility in loan contract design. Borrowers will no longer be subject to the previous uniform payment schedule requirement.
Signed into law Jul 22, 2025
1 co-sponsor