NY A07865

Motor vehicle financing transactions are now classified as "financial products or services" under the jurisdiction of the Department of Financial Services, regardless of whether financing originates at a dealer or lending institution.

The Department of Financial Services Superintendent may establish a Motor Vehicle Financing Bureau to regulate motor vehicle financing transactions and dealer financing departments.

Motor vehicle dealer finance managers must be licensed by the Department of Financial Services, and dealers selling financed vehicles must employ or act as a licensed finance manager.

Licensed finance managers must complete a course of instruction established by the Department, not to exceed 16 hours during any biennial licensing period, with a licensing fee capped at $200 per biennial period.

The Department is authorized to promulgate rules and regulations for motor vehicle dealer finance departments, establish penalties and license suspensions or revocations for violations by dealers and finance managers.