|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|May 17, 2022||reported and committed to rules|
|May 10, 2022||reported and committed to finance|
|Jan 05, 2022||referred to banks|
|Jan 06, 2021||referred to banks|
senate Bill S239
Current Bill Status - In Senate Committee Rules Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S239 (ACTIVE) - Details
S239 (ACTIVE) - Sponsor Memo
BILL NUMBER: S239 SPONSOR: THOMAS TITLE OF BILL: 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 PURPOSE: This bill gives the Department of Financial Services jurisdiction over auto financing, and places auto financing transactions under the defi- nition 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
S239 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 239 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ Introduced by Sen. THOMAS -- 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.
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