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Senate Commerce Committee Statement to Assembly, No. 2635 (State of New Jersey, December 6, 2021)

Summary

Senate Commerce Committee statement to Assembly, No. 2635, State of New Jersey, dated December 6, 2021. The committee reports favorably Assembly Bill No. 2635, which makes it an unlawful practice under the consumer fraud act for a motor vehicle dealer to fail to provide a consumer with a copy of any loan application prepared in connection with the sale of a motor vehicle. The statement gives the sponsor's view that not requiring disclosure of loan applications may allow inaccurate financial information to be submitted to lenders. An unlawful practice under the act is punishable by a monetary penalty of not more than $10,000 for a first offense and not more than $20,000 for any subsequent offense. The bill is identical to Senate Bill No. 3843.

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“Senate Commerce Committee Statement to Assembly, No. 2635 (State of New Jersey, December 6, 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-12-06-scm-a2635-s2-2e0d50b9b4/, SHA-256 41b8423ab2be96067ed1da801c46f87534d5921c42109deeaaf98e0ec73aa529.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

               ASSEMBLY, No. 2635

 STATE OF NEW JERSEY
                   DATED: DECEMBER 6, 2021

    The Senate Commerce Committee reports favorably Assembly Bill
No. 2635.
    This bill makes it an unlawful practice under the consumer fraud
act for a motor vehicle dealer to fail to provide a consumer with a
copy of any loan application prepared in connection with the sale of
a motor vehicle.
   Under current law, a motor vehicle dealer is not specifically
required to provide a consumer with a copy of the loan application
prepared in connection with the sale of a motor vehicle. This bill
clarifies that a motor vehicle dealership is required to provide a
consumer with a copy of any loan application prepared in
connection with the sale of a motor vehicle. It is the sponsor’s view
that not requiring the disclosure of loan applications prepared by
motor vehicle dealers may allow for the submission of inaccurate
financial information to lenders in order to permit a consumer to
qualify for a motor vehicle loan for which he or she would
otherwise be unqualified.
   An unlawful practice under the consumer fraud act is punishable
by a monetary penalty of not more than $10,000 for a first offense
and not more than $20,000 for any subsequent offense.
Additionally, violations may result in cease and desist orders issued
by the Attorney General, the assessment of punitive damages, and
the awarding of treble damages and costs to the injured party.
    As reported, this bill is identical to Senate Bill No. 3843, as also
reported by the committee.

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