Senate Bill S6742

2023-2024 Legislative Session

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

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Banks 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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2023-S6742 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Financial Services Law
Laws Affected:
Amd §§104, 205 & 301, Fin Serv L; add §§419-b, 419-c & 419-d, amd §415, V & T L; amd §302, Pers Prop L
Versions Introduced in Other Legislative Sessions:
2015-2016: S5489
2017-2018: S5278
2019-2020: S1956
2021-2022: S239

2023-S6742 (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.

2023-S6742 (ACTIVE) - Sponsor Memo

2023-S6742 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
     S. 6742                                                  A. 6869
 
                        2023-2024 Regular Sessions
 
                       S E N A T E - A S S E M B L Y
 
                                May 8, 2023
                                ___________
 
 IN  SENATE -- Introduced by Sen. THOMAS -- read twice and ordered print-
   ed, and when printed to be committed to the Committee on Banks
 
 IN ASSEMBLY -- Introduced by  M.  of  A.  ZEBROWSKI  --  read  once  and
   referred 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; to amend the vehicle and traffic law, in  relation  to
   the  licensing  of motor vehicle dealer finance managers and requiring
   certain mandatory disclosures by motor vehicle dealers; and  to  amend
   the personal property law, in relation to the right of cancellation
 
   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.
   § 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:

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02286-01-3
 S. 6742                             2                            A. 6869
              

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