On April 10, AFSA submitted a comment letter to the Illinois Senate Judiciary Committee in opposition to Senate Bill 2521, which would create certain conditions for the use of electronic tracking technology or starter interrupt technology in connection with the credit sale, loan, or lease of a motor vehicle. The bill was scheduled for consideration at a hearing later that day.
AFSA’s letter explained that these devices provide an alternative to physical repossession of a vehicle and allow financial institutions to make financing available to consumers who might not otherwise be able to obtain it. The proposed legislation would treat the use of this technology as a repossession under the Uniform Commercial Code; AFSA’s letter highlighted the key differences between physical repossession and the use of payment assurance devices and requested that any legislation must recognize this distinction and treat each process accordingly. Additionally, the letter noted that the bill’s proposed data protection requirements would create additional unnecessary burdens, with no added consumer benefit, for data already protected by federal law and existing industry best practices. Seven other groups also registered opposition to the bill, including the Illinois Financial Services Association and the Independent Finance Association of Illinois.
The Judiciary Committee voted to pass SB 2521 following the hearing, but the bill’s sponsor has indicated a willingness to work with industry to amend the bill to address concerns. The deadline for Senate bills to pass the full chamber is April 27. AFSA will continue to monitor the process and keep members apprised of any future changes to the proposed legislation.
AFSA Comments on Legislation Regulating Payment Assurance Devices
Apr 10, 2018
On April 10, AFSA submitted a comment letter to the Illinois Senate Judiciary Committee in opposition to Senate Bill 2521, which would create certain conditions for the use of electronic tracking technology or starter interrupt technology… Read the rest
THE EDGE Program Registration Deadline Approaching!
Apr 05, 2018
The registration deadline for THE EDGE is approaching!
THE EDGE program, held June 10-15, provides high-quality training for branch managers and team leaders by providing layered modules of learning that provide a sound basic knowledge… Read the rest
AFSA Publishes Rate Cap Legislation White Paper
Apr 02, 2018
On April 2, AFSA’s State Government Affairs department published its recent rate cap legislation white paper. AFSA’s white paper examines recent measures proposed by states to impose rate caps, including those that use an … Read the rest
Transparency, Technology, Customer Service Major Topics at AFSA’s CEO Panel
Mar 29, 2018
CEOs of leading vehicle finance companies representing captives, banks and independent subprime lenders engaged in a lively roundtable discussion on topics ranging from the impact of technology to taking care of a new wave of maturing Millennial… Read the rest
HDFS President Named Chair; Ally Financial President, Auto Division, Named Vice Chair of AFSA Vehicle Finance Division
Mar 26, 2018
Larry Hund, President and Chief Operating Officer, Harley-Davidson Financial, was installed as the new chair of the American Financial Services Association (AFSA) Vehicle Finance Division Board at the conclusion of the division’s… Read the rest
Ammann Headlines 2018 Vehicle Finance Conference
Mar 21, 2018
Dan Ammann, President of General Motors, outlined GM’s bold vision for the future in the Keynote Speech Wednesday at the annual American Financial Services Association’s Vehicle Finance Conference & Expo.
We’ve… Read the rest
Court Announces Key TCPA Decision; AFSA Hosting Webinar Next Week
Mar 19, 2018
On March 16, 2018, the D.C. Circuit issued its long-anticipated ruling in ACA International, et al. v. FCC. The decision resolved a series of challenges to the July 10 2015 Declaratory Ruling & Order of the Federal Communications … Read the rest
AFSA’s annual Vehicle Finance Conference & Expo kicks off next week
Mar 15, 2018
The American Financial Services Association (AFSA) will hold its annual Vehicle Finance Conference & Expo next week, March 20-22, at the Bellagio in Las Vegas, highlighting the creative and disruptive influence of innovation … Read the rest
Direct Lending in Auto Finance Aided by FinTech
Mar 09, 2018
Digital technology and fintech innovation in the auto lending space are enabling direct lending to become more popular among car buyers, said, representatives of direct lending companies at the Auto Finance Innovation conference, this… Read the rest
“Disruptive but Necessary” the Focus of Auto Finance Innovation Conference
Mar 08, 2018
Auto Finance professionals from the United States, Canada and Australia are attending the third annual Auto Finance Innovation Conference this week featuring presentations and panel discussions focusing on the disruptive, but necessary,… Read the rest