Bill Text: NJ A4033 | 2014-2015 | Regular Session | Amended

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Bill Title: Regulates use of motor vehicle payment assurance devices.*

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced - Dead) 2015-06-25 - Assembly Floor Amendment Passed (Moriarty) [A4033 Detail]

Download: New_Jersey-2014-A4033-Amended.html

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[First Reprint]

ASSEMBLY, No. 4033

STATE OF NEW JERSEY

216th LEGISLATURE

INTRODUCED DECEMBER 18, 2014

 

 

Sponsored by:

Assemblyman  PAUL D. MORIARTY

District 4 (Camden and Gloucester)

Assemblyman  ANGEL FUENTES

District 5 (Camden and Gloucester)

 

 

 

 

SYNOPSIS

     Prohibits installation of payment assurance device as condition of securing motor vehicle financing.

 

CURRENT VERSION OF TEXT

     As reported by the Assembly Consumer Affairs Committee on January 12, 2015, with amendments.

 

An Act concerning motor vehicle payment assurance devices and supplementing P.L.1960, c.39 (C.56:8-1 et seq.).

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.  As used in this act:

     "Dealer" means a person who is actively engaged in the business of buying, selling, exchanging, or leasing new or used motor vehicles at retail and who has an established place of business.

     ¹"Financing agreement" means an agreement, through a bargained communication or written contract, of an extension of a loan or other line of credit by a lender to a borrower toward the purchase of a motor vehicle.

     "Lease agreement" has the same meaning as defined in section 2 of P.L.1988, c.123 (C.56:12-30).¹

     "Lender" means an agent, officer, director, and employee of a lender, and any person who solicits, arranges for ¹,¹ or otherwise participates or assists in the making of loans, or in any way acts as an intermediary between a borrower and a lender in effecting loans related to the sale or lease of a motor vehicle ¹[;]¹.

     "Motor vehicle" has the same meaning as defined in R.S.39:1-1.

     "Payment assurance device" means a device installed on a motor vehicle with global positioning system capability, or starter interrupt capability allowing for the remote enabling or disabling of the motor vehicle, and which is installed pursuant to a motor vehicle purchaser's or lessee's financing ¹agreement¹ or lease agreement.

 

     2.  It is an unlawful practice and a violation of P.L.1960, c.39 (C.56:8-1 et seq.) for a dealer or lender to install or have installed a payment assurance device on a motor vehicle prior to its sale or lease, as a condition of a financing agreement ¹or lease agreement¹ made with a purchaser or lessee.

 

     3.  This act shall take effect on the first day of the fourth month next following enactment.