SACRAMENTO, Calif. – Gov. Gray Davis signed a bill into law on July 14 designed to allow the state to track the amount of interest rate markup auto dealers charge customers, and allow the state attorney general to take action on markups the state considers excessive. Under the new law, dealers must keep copies of the lending contracts for at least seven years or the length of the loan, whichever is longer. They must also make the contact information available on a court order or administrative subpoena by the state attorney general.
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