On June 20, AFSA submitted a comment letter to the New York legislature raising concerns about AB 2078 and its companion SB 4019, which would remove liability for the early termination of a lease in the event of a lessee’s death. The bills are on the calendar for consideration on the Assembly floor on the final day of the session before the legislature recesses for the year.
AFSA’s letter outlined the need for charges for early termination of a lease which are authorized and regulated under existing law. It also explained that the existing protections in state law protecting consumers from abuse make the bills unnecessary and do not warrant the significant disruption to the state’s credit markets. The letter also identified inconsistencies in the legislative text that would cause significant implementation issues. AFSA also noted that vehicle leases obligations are based on an underlying tangible asset that depreciates in value over time and is subject to physical wear and tear, making them significantly different than other consumer contracts, like those for internet or cell phone services, which must include similar provisions to those proposed by this legislation.
AFSA will continue to monitor the process and keep members apprised of any further efforts to pass the proposed legislation.
On June 20, AFSA submitted a comment letter to the New York legislature raising concerns about AB 2078 and its companion SB 4019, which would remove liability for the early termination of a lease in the event of a lessee’s death. The bills… Read the rest
The Federal Trade Commission (FTC) is holding its fourth annual PrivacyCon on June 27, 2019.
The event promises to focus on issues related to consumer privacy and data security, both of which are issues of critical importance for the consumer… Read the rest
Join us on June 27th at 2 p.m. ET for SMS for e-Signature and Electronic Documents presented by D’Lange Mobile.
Using text messaging and e-signature offers speed and convenience that consumers increasingly appreciate. There are important… Read the rest
WASHINGTON–(BUSINESS WIRE)–The American Financial Services Association, the national trade association for the consumer credit industry, is pleased to welcome communications professional Ed McFadden as its new Vice … Read the rest
AFSA attended and participated in the Consumer Financial Protection Bureau (CFPB) Consumer Advisory Board meetings held June 5th and 6th in Washington. The focus of the meeting was on broad policy matters related to the Bureau’s Unified… Read the rest
Ajit Pai, Chairman of the Federal Communications Commission (FCC) yesterday announced that proposed rules governing robocalls would likely contain a “safety valve” in order to ensure that legitimate businesses like financial… Read the rest
Each year since the mid-1980s, the AFSA Education Foundation offers two important enrichment programs for employees of member companies. Registration for the 2019 edition of The EDGE program is now closed. However, there’s still… Read the rest
This week, AFSA’s State Government Affairs Team published their white paper on state payday lending databases. Many states have passed laws requiring payday lenders to submit information about their customers to a database system.… Read the rest
Join us today at 2 p.m. ET for Repo on the Rise: 3 things for motor vehicle lenders to consider today.
Every motor vehicle lender eventually hits a few bumps and potholes in the road when a debtor defaults on their car or truck loan. Not only is this… Read the rest
Consumer preference trends are having a significant impact on the auto industry. Manufacturers are adapting to these preferences while also making vehicles that are more durable as well as preparing for environmental regulations. These… Read the rest
