New York S 5483: Grants the department of financial services jurisdiction over the financing of motor vehicles

Bill Text

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S05483 Summary:

BILL NOS05483 

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SAME ASNo Same As

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SPONSORCOMRIE

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COSPNSR

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MLTSPNSR

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Amd §§104, 205 & 301, Fin Serv L; add §§419-b, 419-c & 419-d, amd §415, V & T L; amd §302, Pers Prop L

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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.

Go to top S05483 Actions:

BILL NOS05483 

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02/21/2025REFERRED TO BANKS

01/07/2026REFERRED TO BANKS

Go to topS05483 Committee&nbspVotes:

Go to topS05483 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05483 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5483

 2025-2026 Regular Sessions

 IN SENATE

 February 21, 2025
 ___________

 Introduced by Sen. COMRIE -- 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; 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:

 1 Section 1. Subparagraph (B) of paragraph 2 of subsection (a) of
 2 section 104 of the financial services law is amended to read as follows:
 3 (B) "Financial product or service" shall also not include the follow-
 4 ing, when offered or provided by a provider of consumer goods or
 5 services: (i) the extension of credit directly to a consumer exclusive-
 6 ly for the purpose of enabling that consumer to purchase such consumer
 7 good or service directly from the seller, (ii) the collection of debt
 8 arising from such credit, or (iii) the sale or conveyance of such debt
 9 that is delinquent or otherwise in default. Provided, however, that the
 10 provisions of this subparagraph shall not apply to the sale of motor
 11 vehicles. Every sale of a motor vehicle that involves financing, whether
 12 originated at a motor vehicle dealer or at a lending institution, shall
 13 be deemed to be a "financial product or service" within the jurisdiction
 14 of the department.
 15 § 2. The opening paragraph of section 205 of the financial services
 16 law is designated subsection (a) and a new subsection (b) is added to
 17 read as follows:
 18 (b) The superintendent may, in such superintendent's discretion,
 19 establish a motor vehicle financing bureau, and to promulgate any and
 20 all rules and regulations necessary to regulate motor vehicle financing
 21 transactions and motor vehicle dealer financing departments.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09701-01-5

 S. 5483 2

 1 § 3. Paragraphs 6 and 7 of subsection (c) of section 301 of the finan-
 2 cial services law are amended and four new paragraphs 8, 9, 10 and 11
 3 are added to read as follows:
 4 (6) providing technical assistance to local governments and not-for-
 5 profits in the development of consumer protection measures with respect
 6 to financial products and services; [and]
 7 (7) continuing and expanding the detection, investigation and
 8 prevention of insurance fraud[.];
 9 (8) promulgating rules and regulations for motor vehicle dealer
 10 finance departments and finance managers;
 11 (9) establishing educational materials and/or mandated instruction for
 12 motor vehicle dealer finance managers applying for licensing pursuant to
 13 paragraph d of subdivision three of section four hundred fifteen of the
 14 vehicle and traffic law. No such mandate instruction shall exceed
 15 sixteen hours during any biennial licensing period;
 16 (10) imposing a licensing and course fee for motor vehicle dealer
 17 finance manager applicants pursuant to paragraph d of subdivision three
 18 of section four hundred fifteen of the vehicle and traffic law; provided
 19 that such fee shall not exceed two hundred dollars for each bi