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  • NJ A756
  • Regulates use of motor vehicle payment assurance devices.
Introduced
(1/27/2016)
In Committee
(9/26/2016)
Crossed Over
(2/15/2017)
Passed
(3/13/2017)
Signed
(3/22/2017)
Dead/Failed/Vetoed
2016-2017 Regular Session
This bill regulates the use of payment assurance devices by motor vehicle dealers and lenders. Under the provisions of the bill, a "payment assurance device" is defined as a device installed on a motor vehicle with global positioning system (GPS) 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 consumer's financing agreement or lease agreement. The bill authorizes a creditor to install, or have installed, payment assurance devices only if the following criteria are met: (1) written disclosure of the installation and certain notifications are provided to the consumer when the vehicle is purchased or leased; (2) the consumer is not billed or charged a fee for the installation of the device; (3) the creditor, or an agent thereof, does not remotely disable the vehicle until the consumer is five or more days in default on any terms under the financing agreement or lease agreement including but not limited to the periodic payment due on the purchase or lease; (4) the consumer is provided a warning no less than 48 hours before the vehicle is disabled remotely; (5) the creditor, or an agent thereof, does not remotely disable the vehicle while it is being operated; (6) the consumer is provided with the ability to start a disabled vehicle, and use it for at least 48 hours, in the event of an emergency; and (7) for purposes of a financing agreement, the consumer's interest rate on the loan is at least 10 percentage points lower than the maximum interest rate permitted by law. Under the bill, a violation of its provisions by a creditor is an unlawful practice under the consumer fraud act, P.L.1960, c.39 (C.56:8-1 et seq.), which 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 can 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.
Commerce, 2nd Reading in Assembly to Concur with Gov Recommendations, 2nd Reading in the Assembly, 2nd Reading in the Senate, 2nd Reading in the Senate to Concur with Gov/Recommendations, Bills and Joint Resolutions Signed by the Governor, Passed Assembly, Passed both Houses
Approved P.L.2017, c.37.  (on 3/22/2017)
 
 
Date Chamber Action Description
3/22/2017 S Approved P.L.2017, c.37.
3/13/2017 S Passed Senate (Passed Both Houses) (34-2)
2/27/2017 S Received in the Senate, 2nd Reading - Concur. w/Gov's Recom.
2/15/2017 A Passed by the Assembly (67-0-0)
2/13/2017 A 2nd Reading in the Assembly on Concur. w/Gov.'s Recommend.
2/13/2017 A First Reading/Governor Recommendations Only
2/13/2017 A Conditional Veto, Received in the Assembly
12/19/2016 S Passed Senate (Passed Both Houses) (25-11)
12/19/2016 S Substituted for S2046
9/26/2016 S Reported from Senate Committee, 2nd Reading
9/26/2016 Senate Commerce Hearing (13:00 9/26/2016 Committee Room 6, First Floor)
4/18/2016 S Received in the Senate, Referred to Senate Commerce Committee
4/7/2016 A Passed by the Assembly (53-21-0)
3/14/2016 A Assembly Floor Amendment Passed (Benson)
2/4/2016 A Reported out of Assembly Committee, 2nd Reading
2/4/2016 Assembly Consumer Affairs Hearing (10:00 2/4/2016 Committee Room 13, 4th Floor)
1/27/2016 A Introduced, Referred to Assembly Consumer Affairs Committee
Date Motion Yea Nay Other
Detail 3/13/2017 Senate Floor: Concur Governor Recommendations 34 2 4
Detail 2/15/2017 Assembly Floor: Concur Governor Recommendations 67 0 13
Detail 12/19/2016 Senate Floor: Third Reading - Final Passage 25 11 4
Detail 12/19/2016 Senate Floor: Substitute For S2046 (Voice Vote) 0 0 0
Detail 9/26/2016 Senate Commerce Committee: Reported Favorably 4 2 0
Detail 4/7/2016 Assembly Floor: Third Reading - Final Passage 53 21 6
Detail 2/4/2016 Assembly Consumer Affairs Committee: Reported Favorably 4 0 0