senate Bill S239

2021-2022 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 Rules Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (4)
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

Votes

view votes

May 17, 2022 - Finance committee Vote

S239
19
3
committee
19
Aye
3
Nay
0
Aye with Reservations
1
Absent
0
Excused
0
Abstained
show Finance committee vote details

May 10, 2022 - Banks committee Vote

S239
8
3
committee
8
Aye
3
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Banks committee vote details

Banks Committee Vote: May 10, 2022

S239 (ACTIVE) - Details

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:
2015-2016: S5489
2017-2018: S5278
2019-2020: S1956

S239 (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.

S239 (ACTIVE) - Sponsor Memo

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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