NJ S2088

Motor vehicle dealers must provide consumers with a copy of any loan application prepared in connection with a vehicle sale under this New Jersey bill

Failure to provide the loan application copy constitutes an unlawful practice under the state's consumer fraud act (P.L.1960, c.39)

Penalties for violations include up to $10,000 for a first offense and up to $20,000 for subsequent offenses

Additional consequences may include cease and desist orders from the Attorney General, punitive damages, and treble damages with costs awarded to injured parties

The bill aims to prevent dealers from submitting inaccurate financial information to lenders that could allow consumers to qualify for loans they otherwise would not