Senate Bill S5278

2017-2018 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 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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2017-S5278 (ACTIVE) - Details

See Assembly Version of this Bill:
A4618
Current Committee:
Senate Banks
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:
2015-2016: S5489, A7865
2019-2020: S1956, A4928
2021-2022: S239
2023-2024: S6742

2017-S5278 (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.

2017-S5278 (ACTIVE) - Sponsor Memo

2017-S5278 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5278
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                              March 20, 2017
                                ___________
 
 Introduced  by  Sens.  HAMILTON, 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.
   §  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.
                                                            LBD00440-01-7

              

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