On April 19, AFSA’s National Title Solutions Forum (NTSF) submitted a comment letter to the Illinois Senate Transportation Committee in opposition to Senate Bill 2470, which would make changes to the titling and lien release processes for vehicles in Illinois, including requiring that all vehicle titles include an automatic lien expiration date.
NTSF’s letter explained that the proposed automatic lien expiration date would complicate the vehicle titling process by treating vehicle titles differently depending on the original date of lien satisfaction. The letter suggested that the state consider a more measured approach to treat all titles uniformly. Additionally, the letter requested more clarity from the state on the process to apply for a corrected vehicle title in the event a loan is extended or refinanced. Several other industry groups previously registered opposition to the bill, including the Illinois Financial Services Association.
The deadline for Senate bills to pass the full chamber is April 27, and AFSA will continue to monitor the process and keep members apprised of any future changes to the proposed legislation.
AFSA Comments on Illinois Legislation Affecting Vehicle Titles
Apr 19, 2018
On April 19, AFSA’s National Title Solutions Forum (NTSF) submitted a comment letter to the Illinois Senate Transportation Committee in opposition to Senate Bill 2470, which would make changes to the titling and lien release processes… Read the rest
AFSA Applauds Senate Passage of S.J. Res 57
Apr 18, 2018
WASHINGTON, APRIL 18, 2018 – Today, the Senate approved S.J. Res 57 by a 51-47 vote. The vote on the resolution, under the Congressional Review Act (CRA), disapproves of the Consumer Financial Protection Bureau’s (CFPB) 2013… Read the rest
Webinar Focuses on Importance of Compliance Vigilance
Apr 18, 2018
On Wednesday, Compli presented “Regulatory Alphabet Soup: As the CFPB evolves, who is watching lenders now?” as part of the AFSA Business Partner Webinar Program. The main takeaway from the webinar: regardless of the changes… Read the rest
MoneySKILL® + savvy teacher, students = clean sweep
Apr 17, 2018
This year’s MoneySKILL® Mania financial literacy competition, taking place in high schools across western New York, equaled a clean sweep for Fredonia High School.
Kevin Seybold finished first among nearly 1,000 students… Read the rest
AFSA Supports Initiative to Rescind CFPB Guidance on Auto Financing
Apr 12, 2018
The American Financial Services Association (AFSA) is joining with the National Automobile Dealers Association (NADA) and other sister trade associations in supporting S.J. Resolution 57 to disapprove the Consumer Financial Protection… Read the rest
Regulatory Alphabet Soup: Get to Know the Players Tapping in for the CFPB
Apr 10, 2018
As Acting Director Mick Mulvaney has stated, the Consumer Financial Protection Bureau (CFPB) appears to be discarding its former governing philosophy of “pushing the envelope” through aggressive prosecution, and embracing… Read the rest
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