28-4420. Contents of brokering agreement

A brokering agreement shall contain the following terms, conditions, requirements and disclosures:

1. The name, address, license number and telephone number of the broker.

2. A complete description, including line-make, model, year and color of the motor vehicle and the desired options.

3. The following statement:

The following information shall be completed before the signing of this brokering agreement:

(a) The dollar purchase price of vehicle: _______________.

(b) The date this agreement will expire if a purchase agreement from a selling dealer is not presented for your signature: ___________________________.

(c) The fee that you are obligated to pay, if any: _________________.

4. A notice that is printed in conspicuous type, that is placed immediately below the statement required by paragraph 3 and that states whether or not a fee is received from the selling dealer.

5. The following notice on the face of the brokering agreement in conspicuous type, circumscribed by a line, that reads as follows:

Notice

This is an agreement to provide services. This is not an agreement for the purchase of a vehicle. Arizona law gives you the following rights and protection:

Once you have signed this agreement, you have the right to cancel it and receive a full refund of any monies paid, including any brokerage fee you may have paid, under any of the following circumstances:

(a) The final price of the vehicle exceeds the purchase price listed above.

(b) The vehicle is not as described above on delivery.

(c) This agreement expires before you are presented with a selling dealer's purchase agreement.

If you have paid a purchase deposit, you have the right to receive a refund of that deposit at any time before you sign a vehicle purchase agreement with a selling dealer. Purchase deposits are limited by law to no more than 2.5 per cent of the purchase price of a vehicle. If you are unable to resolve a dispute with your broker or auto buying service, please contact an investigator of the department of transportation.

6. The date the agreement is executed.

7. The signature of the broker and the retail consumer.