New York S05483 grants the department of financial services jurisdiction over motor vehicle financing and requires motor vehicle dealer finance.
New York S05483 amends the financial services law to grant the department of financial services jurisdiction over the financing of motor vehicles. It requires motor vehicle dealers to employ finance managers who must be licensed by the department of financial services. The bill also mandates that dealers make annual disclosures to the department of financial services about the number of motor vehicle purchasers who obtained financing from the dealer or from a financial institution. For each loan financed by the dealer, the dealer must disclose specific borrower information to the department.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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