Grants the department of financial services jurisdiction over the financing of motor vehicles; requires motor vehicle dealer finance managers to be licensed by the department of financial services.
Requires all motor vehicle insurers to file annual detailed financial and claim data statements with the superintendent of financial services; provides that all such statements shall be made available to the public.
Requires all motor vehicle insurers to file annual detailed financial and claim data statements with the superintendent of financial services; provides all such statements shall be made available to the public.
Authorizes the superintendent of financial services to oversee and regulate car dealer transactions with consumers; requires motor vehicle retail installment contracts to include an itemized listing of all costs related to the purchase of a motor vehicle and disclosure of the prohibition of conditional delivery; requires motor vehicle dealers to provide credit applicants with copies of all credit application documents; prohibits the conditional delivery of a motor vehicle.
Directs the New York state department of financial services to conduct a study on the rising costs of motor vehicle insurance in the state which shall include certain analyses and recommendations.