2004 LEGISLATIVE PROGRAM - FINANCIAL SERVICES

Staff Contact: Ken Pokalsky

Following is The Business Council's 2004 Legislative Program. It identifies priority issues to be addressed by the Committees and Councils during 2004.

• Support the banking department in proposing legislation and adopting regulations in
  relation to suspicious banking activities that may be related to terrorist activities.
  
  
• Support amendments to the high cost home loan law which will continue to protect consumers from abusive lending practices but also allow banks and security firms to make mortgages available to those who may not qualify for prime loans.
  
  
• Support the reform of vehicle and traffic law by transferring liability for auto accidents from the leasing companies to the lessees. Under existing law, leasing companies, which effectively provide an alternate form of auto financing, can be sued for damages caused by vehicles over which they have no control simply because they are the registered owner of the vehicle.
  
  
• Support industry led initiative to protect consumers privacy over the internet.
  
  
• Support enforcement of existing laws against fraudulent and deceptive marketers and promote consumer empowerment technologies.
  
  
• Oppose legislation further restricting the telemarketing of financial services and products by regulated financial entities including but not limited to affiliates and subsidiaries.
  
  
• Support the elimination of lender liability for clean-up costs associated with environmentally hazardous conditions beyond their control.
  
  
• Oppose legislative approval of changes to the Uniform Commercial Code "Revised Articles 1 and 2" as recommended by the National Conference of Commissioners on Uniform State Laws.
  
  
• Oppose legislation that expands appraisal requirements.
  
  
• Support amendments to a chapter of the laws of 2003 related to high-cost loans.

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