NY A04928

Brings motor vehicle financing under the jurisdiction of the Department of Financial Services, whether the financing originates at a dealer or lending institution.

Authorizes the superintendent 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 sells financed vehicles or facilitates vehicle financing to employ a licensed finance manager.

Mandates that finance managers complete a course of instruction established by the Department of Financial Services, with instruction limited to 16 hours per biennial licensing period.

Establishes a licensing and course fee for finance manager applicants not to exceed $200 per biennial licensing period, and authorizes the department to impose penalties, license suspensions, and revocations for violations.