Exemption for Floorplan and Inventory Financing
AFSA’s State Government Affairs team submitted a comment letter to the New Jersey Senate requesting amendments to S 1397. As currently written, S 1397 requires a new set of disclosures to borrowers at the time credit is initially offered. AFSA believes the legislation would create unnecessary confusion, increase compliance burdens, and inadvertently reduce access to credit for New Jersey motor vehicle dealers.
AFSA is looking to restore a previous carveout for inventory financing and introduce a floorplan exemption that was modeled in a New York law, among many other states.
This letter, along with SGA’s other recent letters, can be found on the direct advocacy section of AFSA’s website.
December 5th, 2024
