AFSA’s state government affairs team this week sent a letter to the California Senate raising concerns with SB 1311. Among other provisions, the bill would void the security interest in a vehicle financed by a covered service member if the contract also funds credit insurance or a credit-related ancillary product. As written, the bill would cut off service members from accessing voluntary protection products, such as guaranteed asset protection waivers.
Voluntary protection products protect consumers from large and unexpected financial liability related to their motor vehicle financing commitment and would cause a significant disruption to California’s credit markets. The bill would also upend the regulatory structure established in the federal Military Lending Act (MLA) by instituting new provisions that do not exist under the MLA. Although the bill purports to close a loophole that would allow service members to waive their protections under the MLA, such a loophole does not exist, as the MLA does not to apply to secured loans such as vehicle finance.
This letter, along with SGA’s other recent letters, can be found on the direct advocacy section of AFSA’s website.
AFSA’s state government affairs team this week sent a letter to the California Senate raising concerns with SB 1311. Among other provisions, the bill would void the security interest in a vehicle financed by a covered service member if the … Read the rest
Join us on June 23, 2022 at 2:00 p.m. ET for The Electric Vehicle Market – Plugging Into Growth Opportunities, presented by TransUnion
The US auto market has experienced seismic changes over the past two years, including increased demand… Read the rest
AFSA President and CEO Bill Himpler weighed in on the important role Industrial Loan Companies (ILCs a.k.a Industrial Banks) can play for consumers. As the House Financial Services Committee considers legislation that would limit the growth… Read the rest
Join us on June 23 at 2:00 p.m. ET for The Electric Vehicle Market – Plugging Into Growth Opportunities, presented by TransUnion.
The US auto market has experienced seismic changes over the past two years, including increased demand… Read the rest
“The life of the nation is secure only while the nation is honest, truthful, and virtuous.
-Frederick Douglass
Today, we mark Juneteenth a commemoration of equality, justice and freedom, ideals which we strive to perfect for all Americans..… Read the rest
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Join us on June 16 at 2:00 p.m. ET for Top of Wallet: Meeting Mobile Expectation, presented by ACI Worldwide.
Nearly 40 percent of Millennials prefer to make their car payment through a mobile channel, almost double the rate from just one … Read the rest
