S.Amdt. 3790

SA 3790. Mr. BROWNBACK (for himself and Mr. Bond) submitted an
amendment intended to be proposed to amendment SA 3739 proposed by Mr.
Reid (for Mr. Dodd (for himself and Mrs. Lincoln)) to the bill S. 3217,
to promote the financial stability of the United States by improving
accountability and transparency in the financial system, to end ``too
big to fail,'' to protect the American taxpayer by ending bailouts, to
protect consumers from abusive financial services practices, and for
other purposes; which was ordered to lie on the table; as follows:

At the end of subtitle B of title X, add the following:

SEC. 1030. EXCLUSION FOR AUTO DEALERS.

(a) In General.--The Director and the Bureau may not
exercise any rulemaking, supervisory, enforcement, or any
other authority, including authority to order assessments
over a motor vehicle dealer that is primarily engaged in the
sale and servicing of motor vehicles, the leasing and
servicing of motor vehicles, or both.
(b) Certain Functions Excepted.--The provisions of
subsection (a) shall not apply to any person, to the extent
that such person--
(1) provides consumers with any services related to
residential mortgages; or
(2) operates a line of business that involves the extension
of retail credit or retail leases involving motor vehicles,
and in which--
(A) the extension of retail credit or retail leases is
routinely provided directly to consumers; and
(B) the contract governing such extension of retail credit
or retail leases is not routinely assigned to a third-party
finance or leasing source.
(c) No Impact on Prior Authority.--Nothing in this section
shall be construed to modify, limit, or supersede the
rulemaking or enforcement authority over motor vehicle
dealers that could be exercised by any Federal department or
agency on the day before the date of enactment of this Act.
(d) No Transfer of Certain Authority.--Notwithstanding any
other provision of law, the consumer financial protection
functions of the Board of Governors and the Federal Trade
Commission shall not be transferred to the Director or the
Bureau to the extent such functions are with respect to a
person described under subsection (a).
(e) Definitions.--For purposes of this section, the
following definitions shall apply:
(1) Motor vehicle.--The term ``motor vehicle'' means any
self-propelled vehicle designed for transporting persons or
property on a street, highway, or other road.
(2) Motor vehicle dealer.--The term ``motor vehicle
dealer'' means any person resident in the United States or
any territory of the United States, licensed by a State, a
territory of the United States, or the District of Columbia,
to engage in the sale of motor vehicles.
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