NY A06869

Grants the Department of Financial Services jurisdiction over all motor vehicle financing transactions, whether originated at a dealer or lending institution, by designating them as "financial products or services."

Requires motor vehicle dealers that finance or facilitate financing to employ a licensed finance manager, with the Department of Financial Services establishing licensing requirements, mandatory instruction (not exceeding 16 hours per biennial period), and fees (not exceeding $200 per biennial period).

Mandates dealers clearly post total vehicle sales prices (including all dealer fees) on dashboards or at point of display, and separately list add-on product prices with notices that purchases are optional and not required for financing.

Requires dealers to disclose financing options to purchasers, verify income and employment, disclose all financing offers with dealer markups capped at 2% for loans under 60 months or 1.5% for longer terms, and notify when APR exceeds average prime offer rate.

Establishes civil penalties for pricing disclosure violations ($500 first, $750 second, $1,000 third violation within one year) and authorizes license suspension or revocation for financing disclosure violations; extends motor vehicle purchase cancellation rights to 48 hours after contract signing or receipt of signed contract copy.