Florida Senate - 2026                                     SB 226
       
       
        
       By Senator Smith
       
       
       
       
       
       17-00414-26                                            2026226__
    1                        A bill to be entitled                      
    2         An act relating to trade-in vehicle valuation;
    3         amending s. 681.102, F.S.; revising the definition of
    4         the term “purchase price” for purposes of the Motor
    5         Vehicle Warranty Enforcement Act; providing an
    6         effective date.
    7          
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Subsection (18) of section 681.102, Florida
   11  Statutes, is amended to read:
   12         681.102 Definitions.—As used in this chapter, the term:
   13         (18) “Purchase price” means the cash price as defined in s.
   14  520.31(2), inclusive of any allowance for a trade-in vehicle,
   15  but excludes debt from any other transaction. “Any allowance for
   16  a trade-in vehicle” means the net trade-in allowance as
   17  reflected in the purchase contract or lease agreement if
   18  acceptable to the consumer and manufacturer. If such amount is
   19  not acceptable to the consumer and manufacturer, then the trade
   20  in allowance must shall be an amount equal to 100 percent of the
   21  retail price of the trade-in vehicle as reflected in J.D. Power,
   22  or the nearest valuation date listed for the trade-in vehicle by
   23  J.D. Power the NADA Official Used Car Guide (Southeastern
   24  Edition) or NADA Recreation Vehicle Appraisal Guide, whichever
   25  is applicable, in effect at the time of the trade-in. The
   26  manufacturer is shall be responsible for providing the
   27  applicable J.D. Power valuation NADA book.
   28         Section 2. This act shall take effect July 1, 2026.