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Senate Commerce Committee Statement to Senate, No. 3843 (December 6, 2021)

Summary

In a statement to Senate, No. 3843, dated December 6, 2021, the Senate Commerce Committee of New Jersey reports favorably Senate Bill No. 3843. The bill makes it an unlawful practice under the consumer fraud act for a motor vehicle dealer to fail to give a consumer a copy of any loan application prepared in connection with the sale of a motor vehicle, and clarifies that a dealership is required to provide the copy. Violations are 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, and may also result in cease and desist orders issued by the Attorney General, punitive damages, and treble damages and costs to the injured party. As reported, the bill is identical to Assembly Bill No. 2635.

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Cite this document

“Senate Commerce Committee Statement to Senate, No. 3843 (December 6, 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-12-06-scm-s3843-s1-f70662b5e3/, SHA-256 f898fc134212a77b6317a340d5489270d3114067c4aa48c64d5b5f31c9abf0c6.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                  SENATE, No. 3843

 STATE OF NEW JERSEY
                   DATED: DECEMBER 6, 2021

    The Senate Commerce Committee reports favorably Senate Bill
No. 3843.
    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 Assembly Bill No. 2635, as
also reported by the committee.

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