summary
Introduced
06/01/2021
06/01/2021
In Committee
12/06/2021
12/06/2021
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
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.
AI Summary
This bill requires motor vehicle dealers to provide consumers with a copy of any loan application prepared in connection with the sale of a motor vehicle. Under current law, motor vehicle dealers are not specifically required to provide consumers with a copy of the loan application. The bill aims to prevent the submission of inaccurate financial information to lenders, which could allow consumers to qualify for loans they would otherwise not be eligible for. Failure to provide the loan application copy is considered an unlawful practice under the Consumer Fraud Act, punishable by monetary penalties and other enforcement actions.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Reported from Senate Committee, 2nd Reading (on 12/06/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://www.njleg.state.nj.us/bill-search/2020/S3843 |
BillText | https://www.njleg.state.nj.us/Bills/2020/S4000/3843_I1.HTM |
Bill | https://www.njleg.state.nj.us/Bills/2020/S4000/3843_I1.PDF |
BillText | https://www.njleg.state.nj.us/2020/Bills/S4000/3843_I1.HTM |
Bill | https://www.njleg.state.nj.us/2020/Bills/S4000/3843_I1.PDF |
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