Senate Bill S5489

2015-2016 Legislative Session

Grants the department of financial services jurisdiction over the financing of motor vehicles

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-S5489 (ACTIVE) - Details

See Assembly Version of this Bill:
A7865
Current Committee:
Senate Rules
Law Section:
Financial Services Law
Laws Affected:
Amd §§104, 205 & 301, Fin Serv L; amd §415, V & T L
Versions Introduced in Other Legislative Sessions:
2017-2018: S5278, A4618
2019-2020: S1956, A4928
2021-2022: S239
2023-2024: S6742

2015-S5489 (ACTIVE) - Summary

Grants the department of financial services jurisdiction over the financing of motor vehicles; requires motor vehicle dealer finance managers to be licensed by the department of financial services.

2015-S5489 (ACTIVE) - Sponsor Memo

2015-S5489 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5489

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

Introduced by Sens. KLEIN, SAVINO -- read twice and ordered printed, and
  when printed to be committed to the Committee on Banks

AN ACT to amend the financial services law, in relation to the jurisdic-
  tion  of  the  department  of financial services over the financing of
  motor vehicles; and to amend the vehicle and traffic law, in  relation
  to the licensing of motor vehicle dealer finance managers

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subparagraph (B)  of  paragraph  2  of  subsection  (a)  of
section 104 of the financial services law is amended to read as follows:
  (B)  "Financial product or service" shall also not include the follow-
ing, when offered or  provided  by  a  provider  of  consumer  goods  or
services:  (i) the extension of credit directly to a consumer exclusive-
ly  for  the purpose of enabling that consumer to purchase such consumer
good or service directly from the seller, (ii) the  collection  of  debt
arising  from  such credit, or (iii) the sale or conveyance of such debt
that is delinquent or otherwise in default.  PROVIDED, HOWEVER, THAT THE
PROVISIONS OF THIS SUBPARAGRAPH SHALL NOT APPLY TO  THE  SALE  OF  MOTOR
VEHICLES. EVERY SALE OF A MOTOR VEHICLE THAT INVOLVES FINANCING, WHETHER
ORIGINATED  AT A MOTOR VEHICLE DEALER OR AT A LENDING INSTITUTION, SHALL
BE DEEMED TO BE A "FINANCIAL PRODUCT OR SERVICE" WITHIN THE JURISDICTION
OF THE DEPARTMENT.
  S 2. The opening paragraph of section 205 of  the  financial  services
law  is  designated  subsection (a) and a new subsection (b) is added to
read as follows:
  (B) THE SUPERINTENDENT MAY, IN HIS  OR  HER  DISCRETION,  ESTABLISH  A
MOTOR  VEHICLE FINANCING BUREAU, AND TO PROMULGATE ANY AND ALL RULES AND
REGULATIONS NECESSARY TO REGULATE MOTOR VEHICLE  FINANCING  TRANSACTIONS
AND MOTOR VEHICLE DEALER FINANCING DEPARTMENTS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10989-03-5

S. 5489                             2
              

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