Please note that there has been a revision made to the LAW®553-CA(4P)3/23 contract as well as the LAW®553-CA-ARB3/23. The new form numbers are LAW®553-CA(4P)10/26 and LAW®553-CA-ARB10/26.
Some of the revisions were made to address new requirements of the California CARS Act (CA SB 766), which becomes operative on October 1, 2026. These changes include:
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Removed the contract cancellation option (former line 1.M) from the Itemization of Amount Financed
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Replaced the cooling off notice with the new language and moved it closer to the top of the form
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Added language to the end of the third sentence of the Trade-In Payoff Agreement disclosure
In addition to the CARS Act-related revisions, we made several other improvements to the form based on user feedback and other form updates. These changes include:
New programming will be required for the new revision. The standard and ARB versions should line up the same as each other for programming purposes.
Inventory for the new product will be available by August 4, 2026. Dealers should begin using the new contract on October 1, 2026. The electronic and laser versions (e, ea, eps and eps-14) of the contracts will also be revised to reflect the same changes and should be used on October 1.
The CA translations have also been revised to reflect the same changes. They will be available to order in August.
The Bankers Systems®brand Motor Vehicle Retail Installment Sale Contracts will also be revised and announced in a separate message.