Other Issues

Issue Overview

In addition to the policy areas highlighted on our State Advocacy Webpage, ELFA also monitors and engages on many other areas that impact the equipment leasing and finance industry. Below is a sampling of advocacy materials created and used by ELFA in the past.

Cybersecurity

New York | Opposition Testimony for Cybersecurity Proposal. ELFA submitted opposition testimony before the New York Assembly Committee on Banking in December 2016, when a hearing was called to review a proposed Department of Financial Services cybersecurity regulation that ELFA faults as being an overly prescriptive, a one-size-fits-all regulation, and that ultimately fails to take into account multiple standards that already exist and are being implemented successfully.
New York | Comments Urging Department of Financial Services to Reconsider Proposed Cybersecurity Requirements. In November 2016, ELFA submitted comments to the NYDFS urging reconsideration of certain proposed cybersecurity requirements that set rigid minimum standards which, in some cases, exceed existing regulatory guidance and industry practices, and fail to account for the varying sizes, resources, and types of financial services companies operating in New York.

General Leasing

Michigan | Opposition Testimony for Equipment Finance Provisions in Farm Debt Mediation Proposal. In May 2017, ELFA voiced concern about a package of Michigan bills (SB 516, SB 517, and SB 518) that make up the Farm Loan Mediation Act by submitting opposition testimony to the package.
Wisconsin | Opposition Testimony for Legislation Seeking to Void Copier Contracts. In December 2017, ELFA submitted testimony in opposition to Wisconsin AB 684, which would require certain provisions in leases and servicing agreements for copiers or printers.

Securitization

New York | Opposition Testimony for Vehicle Lienholder Act. In June 2010, ELFA submitted testimony in opposition to the Vehicle Lienholder Accountability Act as it came before the Committee on Rules. The bill would have effectively assigned a new tax on New York businesses and consumers when added expenses such as higher interest rates and documentation fees are pushed to borrowers.
Texas | Testimony in Support of Legislation Relating to Assignment of Security Interests in Certain Collateral. In 2009, ELFA testified in support of two Texas bills (HB 77 and SB 1592) that were intended to clarify and confirm the existing meaning of certain Texas statutes regarding the assignment of security interests in certain collateral.

Storage and Retention of Records

Massachusetts | Public Comment and Testimony on Legislation Related to Leased Office Equipment and Destruction of Hard Drive Devices. ELFA submitted opposition testimony to HB 211 because ELFA believes that contract terms should be negotiated between the contracting parties to reflect their needs and not dictated by blanket mandates by government with no consideration of their individual interests.

Terminal Rental Adjustment Clause (TRAC) Legislation

American Automotive Leasing Association Memo on TRAC Statutes by State.
An August 2015 memo prepared by the American Automotive Leasing Association outlines TRAC state statutes in each of the 50 states.
State TRAC Law Citations (as of September 2011). The TRAC state law citations are offered solely for the convenience and easy reference of the reader and not as legal advice. Each company or individual should consult with its own lawyer to check the accuracy of the citation.
Kentucky TRAC Legislation. In 2012, Kentucky enacted TRAC legislation found in Section 101 of Senate Bill 97. Upon implementation it allowed for the up or down adjustment of rent to accommodate a difference between projected value of a vehicle and its actual value upon lease termination.

Equipment Leasing and Finance Association - Equipping Business for Success

Other Issues

Issue Overview

Cybersecurity

General Leasing

Securitization

Storage and Retention of Records

Terminal Rental Adjustment Clause (TRAC) Legislation

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