This week, AFSA’s State Government Affairs team submitted a letter to New York Governor Andrew Cuomo urging him to veto SB 4019, which would remove liability for the early termination of a lease in the event of a lessee’s death.
AFSA’s letter outlined the need for fees for early termination of a lease which are authorized and regulated under existing law. It also explained that the existing state law protects consumers from abuses, making the bill unnecessary and avoiding 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-lease 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 mobile phone services, which must include similar provisions to those proposed by this legislation. In June AFSA sent a letter on this bill to the Speaker of the New York Assembly while the bill was still pending in the legislature, but the bill passed without amendments. You can view this letter, along with other comment letters at the direct advocacy section of SGA’s webpage.
This week, AFSA’s State Government Affairs team submitted a letter to New York Governor Andrew Cuomo urging him to veto SB 4019, which would remove liability for the early termination of a lease in the event of a lessee’s death.… Read the rest
A U.S. District Court in Washington, D.C., on Wednesday dismissed a lawsuit by state regulators challenging the Office of the Comptroller of the Currency's (OCC) fintech charter. The Conference of State Bank Supervisors (CSBS) contends… Read the rest
The Consumer Financial Protection Bureau (CFPB) released on Tuesday, September 3rd the results of a pilot study called Planning for Tax-time Savings. Conducted in conjunction with H&R Block, the study found that simple messages… Read the rest
With 25% of aftermarket products cancelled before loan terms end, and 46 states mandating lenders process refunds in a timely and accurate manner, what are you doing to stay compliant?
Join us on September 12 at 2 p.m. ET for Mitigating Risks… Read the rest
AFSA this week submitted a comment letter to the Federal Communications Commission (FCC) on its Third Further Notice of Proposed Rulemaking on methods to eliminate illegal robocalls. The association’s comment letter reinforced… Read the rest
With 25% of aftermarket products cancelled before loan terms end, and 46 states mandating lenders process refunds in a timely and accurate manner, what are you doing to stay compliant?
Join us on September 12 at 2 p.m. ET for Mitigating Risks… Read the rest
AFSA’s State Government Affairs team sent a letter to the Commissioner of the Nevada Financial Institutions Division on SB 311 as a follow up to an in-person meeting with the division on August 22nd. Effective October 1, SB 311 would … Read the rest
AFSA will be making important IT infrastructure upgrades beginning at 6:00 a.m. ET on Wednesday, August 28. The AFSA website and social media accounts will not be impacted. However, AFSA staff will have intermittent access to their workstations… Read the rest
The AFSA Annual Meeting is right around the corner, and we are pleased to announce that The Wall Street Journal‘s Jason Riley will be a keynote speaker to our attendees. Riley, an award-winning editorial board member of The Wall Street… Read the rest
The Delaware Bank Commissioner this week will award $340,000 to schools, non-profits, and community organizations to fund financial literacy courses, according to a report from Delaware Public Media. The state last distributed financial-literacy… Read the rest
