Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 08, 2016 |
reported and committed to rules |
Jan 06, 2016 |
referred to banks |
May 14, 2015 |
referred to banks |
Senate Bill S5489
2015-2016 Legislative Session
Sponsored By
(D) Senate District
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
Actions
Votes
co-Sponsors
(D, IP) Senate District
(D) Senate District
(D) Senate District
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) - Sponsor Memo
BILL NUMBER:S5489 TITLE OF BILL: An act to amend the financial services law, in relation to the jurisdiction 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 PURPOSE: This bill gives the Department of Financial Services jurisdiction over auto financing, and places auto financing transactions under the definition of a "financial product or service." It also authorizes the Department of Financial Services (DFS) to establish a motor vehicle financing bureau, and gives DFS regulatory authority over financing transactions and financing departments at auto dealerships. It also requires auto dealerships to designate a finance manager and to license said financing manager with the Department of Financial Services. The Department of Financial Services may establish a licensing course and charge a nominal licensing fee for financing managers not to exceed $200 during any 2 year period. SUMMARY OF PROVISIONS: Section 1: Amends Subparagraph (B) of paragraph 2 of subsection (a) of section 104 of the financial services law to provide that all motor vehicle sales financing transactions, whether said financing is originated at an auto dealership or a lending institution, shall fall
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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