SEC. 1029. EXCLUSION FOR AUTO DEALERS. (…
SEC. 1029. EXCLUSION FOR AUTO DEALERS.
(a) SALE, SERVICING, AND LEASING OF MOTOR VEHICLES EXCLUDED.—Except as permitted in subsection (b), the Bureau may not exercise any rulemaking, supervisory, enforcement or any other authority, including any authority to order assessments, over a motor vehicle dealer that is predominantly engaged in the sale and servicing of motor vehicles, the leasing and servicing of motor vehicles, or both.
(b) CERTAIN FUNCTIONS EXCEPTED.—Subsection (a) shall not apply to any person, to the extent that such person—
(1) provides consumers with any services related to residential or commercial mortgages or self financing transactions involving real property;
(2) operates a line of business—
(A) that involves the extension of retail credit or retail leases involving motor vehicles; and
(B) in which—
(i) the extension of retail credit or retail leases are provided directly to consumers; and
(ii) the contract governing such extension of retail credit or retail leases is not routinely assigned to an unaffiliated third party finance or leasing source; or
(3) offers or provides a consumer financial product or service not involving or related to the sale, financing, leasing, rental, repair, refurbishment, maintenance, or other servicing of motor vehicles, motor vehicle parts, or any related or ancillary product or service.
L.J. Marhefka 12:48 am on November 13, 2009 Permalink | Log in to Reply
Congratulations John! L.J.