The American Financial Services Association (AFSA) has reached out to the New Jersey Senate with a request for amendments to Senate Bill 1397. The AFSA's State Government Affairs team submitted a comment letter expressing concerns about the bill's current requirements. According to AFSA, S 1397 mandates a new set of disclosures to borrowers when credit is initially offered, which they argue could lead to confusion and increased compliance burdens.

AFSA is advocating for changes that would reinstate a previous exemption for inventory financing and introduce a floorplan exemption similar to one established in New York and other states. The organization believes these changes are necessary to prevent unintended restrictions on credit access for motor vehicle dealers in New Jersey.

This comment letter, along with others from the State Government Affairs team, is available on the direct advocacy section of AFSA’s website.