Limits the amount of certain credit service charges in motor vehicle retail installment contracts

This bill limits credit service charges on car loans by capping them at $16 per $100 borrowed annually. It directly affects car buyers in retail installment contracts by restricting how much sellers can charge for credit services beyond the loan amount. The cap applies to the difference between the car's cash price and down payment, plus official fees, and includes insurance costs as defined in related law. The bill was recently referred to the Consumer Protection committee for further review.