NY A04618

Establishes that all motor vehicle sales involving financing are "financial products or services" under the jurisdiction of the Department of Financial Services, whether originated at a dealer or lending institution.

Authorizes the superintendent of financial services to establish a motor vehicle financing bureau and promulgate rules and regulations to regulate motor vehicle financing transactions and dealer financing departments.

Requires every motor vehicle dealer that finances or facilitates financing of vehicle purchases to employ a licensed finance manager approved by the Department of Financial Services.

Grants the Department of Financial Services authority to establish educational materials and mandatory instruction (not exceeding 16 hours per biennial period) for finance manager applicants and to impose licensing fees not to exceed $200 per biennial period.

Empowers the Department of Financial Services to establish penalties, license suspensions, and revocations for violations by motor vehicle dealers and finance managers.