MRAA supports finance reform amendment
WASHINGTON — The Marine Retailers Association of America is asking marine retailers to contact their senators to support an amendment that may be offered by Senator Sam Brownback, R-Kansas, which would exempt car dealers from the additional paperwork requirements of financing institutions contained in the upcoming Bureau of Consumer Financial Protection bill.
According to the MRAA, Sen. Brownback is open to expanding his amendment to include RV and boat dealers, but he wants to hear from other senators who support the amendment.
“We understand this new federal agency could potentially regulate boat dealer-arranged financing by placing additional paperwork requirements on the transaction, increasing the length of cancellation periods after signing financial contracts, and limiting compensation for arranging financing,” MRAA said in its letter to dealers.
In making its case for the amendment, MRAA said less than one percent of consumer complaints come from boat sales; boat dealers are not financial institutions and can’t provide financing; and the economic recovery is too fragile to place added burdens on boat dealers.
To read MRAA’s complete statement, click here.
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