WASHINGTON — The Senate on Thursday postponed voting on an amendment to Wall Street overhaul legislation that would exempt auto and boat dealers from a new consumer protection regulator, according to a post on The Hill. A new vote has been scheduled for Monday.
The latest, revised version of the amendment, proposed by Sen. Sam Brownback (R-Kansas), was expanded to include recreational boats and marine equipment in addition to vehicles such as motorcycles, motor homes and RV trailers.
Other revisions stipulate that dealers must be “predominately” engaged instead of “primarily” engaged in selling motor vehicles to qualify for the exemption, and dealers cannot claim the exemption if they engage in providing any mortgages or any financial product or service unrelated to motor vehicle retailing.
The Marine Retailers Association of America and the National Marine Manufacturers Association both strongly support the marine exemption and urge their members to contact their Senators to support the legislation.