RV Dealers Exempt from New Regulationss
Wed Jul 7, 2010
Author: RVDA
Source: RVDA.org
The House of Representatives has passed a bill to overhaul the U.S. financial regulatory system, clearing the way for a final Senate vote, which is expected the week of July 12. Part of the overhaul includes an exemption for RV, boat, and auto dealers from additional regulation by a new consumer finance protection bureau. Dealers, in their role for arranging loans for motor vehicle customers, would not be subject to supervision or enforcement by a new Consumer Financial Protection Bureau (CFPB). The agency would oversee mortgages, credit cards, and other consumer financial products.
RVDA and it members worked with the National Automobile Dealers Association, the National Marine Manufacturers Association, and the Marine Retailers Association of America to secure language in the bill that includes both motorized and towable RVs, as well as boats, in the exemption.
“RV dealers are not banks and we are pleased that the House of Representatives recognizes that fact,” said RVDA President Mike Molino. “RV dealers and their employees sent hundreds of messages to their Congressional representatives to help educate them on the dealers’ role in financing motorhomes and travel trailers.”
Sen. Sam Brownback of Kansas authored language to exempt RVs and boats, which was then passed by the full Senate in a motion to conferees. House conferees later accepted Brownback’s Senate language, making it part of the conference report. RVDA Kansas Delegate Bill Hawley of Hawley Bros., Inc., in Dodge City, KS, and Harold Oehler of Lazydays RV SuperCenter, Inc., in Seffner, FL, played key roles in securing the exemption language by working with their home state Senators to protect RV dealers.
If the bill passes the Senate, the legislation goes on to President Obama, who has indicated he plans to sign it.
