senate Bill S5477A

Signed By Governor
2011-2012 Legislative Session

Increases disclosures of automobile brokers

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (14)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Sep 23, 2011 signed chap.579
Sep 12, 2011 delivered to governor
Jun 16, 2011 returned to senate
passed assembly
ordered to third reading rules cal.340
substituted for a7767a
referred to consumer affairs and protection
delivered to assembly
passed senate
Jun 13, 2011 amended on third reading 5477a
Jun 06, 2011 advanced to third reading
Jun 02, 2011 2nd report cal.
Jun 01, 2011 1st report cal.921
May 25, 2011 referred to consumer protection

Co-Sponsors

S5477 - Details

See Assembly Version of this Bill:
A7767A
Law Section:
General Business Law
Laws Affected:
Amd §738, add §§740-a & 741-a, Gen Bus L

S5477 - Summary

Increases disclosures of automobile brokers.

S5477 - Sponsor Memo

S5477 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5477

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              May 25, 2011
                               ___________

Introduced  by  Sen.  ZELDIN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Consumer Protection

AN ACT to amend the general business  law,  in  relation  to  increasing
  disclosures by automobile broker businesses

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph (e) of subdivision 1 of section 738 of the gener-
al business law, as added by chapter 616 of the laws of 1988, is amended
to read as follows:
  (e) A description of any other services  and  an  itemization  of  the
charges for each. SUCH DESCRIPTION SHALL INCLUDE DISCLOSURE OF THE AUTO-
MOBILE  DEALER  FROM  WHICH THE AUTOMOBILE WAS PURCHASED, AS WELL AS ALL
FEES, COMMISSIONS OR OTHER VALUABLE CONSIDERATIONS PAID BY AN AUTOMOBILE
DEALER TO THE AUTOMOBILE BROKER BUSINESS FOR SELLING, ARRANGING, ASSIST-
ING OR EFFECTING THE SALE OF AN AUTOMOBILE AS AGENT, BROKER, OR INTERME-
DIARY BETWEEN THE CONSUMER AND THE AUTOMOBILE DEALER.
  S 2. The general business law is amended by adding  two  new  sections
740-a and 740-b to read as follows:
  S  740-A.  CONFIDENTIALITY OF SOCIAL SECURITY ACCOUNT NUMBER.  AUTOMO-
BILE BROKER BUSINESSES SHALL COMPLY WITH THE CONFIDENTIALITY  PROVISIONS
CONTAINED  IN  SECTION  THREE HUNDRED NINETY-NINE-DD OF THIS CHAPTER, AS
SUCH SECTION WAS ADDED BY CHAPTER SIX HUNDRED SEVENTY-SIX OF THE LAWS OF
TWO THOUSAND SIX.
  S 740-B. AUTOMOBILE BROKER BUSINESS SURETY BOND. 1. AUTOMOBILE  BROKER
BUSINESSES  SHALL  OBTAIN  AND  CONTINUE  IN  EFFECT A SURETY BOND IN AN
AMOUNT OF TWO HUNDRED FIFTY THOUSAND DOLLARS EXECUTED BY A SURETY COMPA-
NY AUTHORIZED TO TRANSACT BUSINESS IN THE STATE BY THE INSURANCE DEPART-
MENT OF THE STATE. THE BONDS SHALL BE APPROVED AS TO FORM BY THE  SECRE-
TARY  OF  STATE  AND  SHALL  BE  CONDITIONED  ON  THE  AUTOMOBILE BROKER
BUSINESS' PAYMENT OF ALL VALID BANK DRAFTS, INCLUDING CHECKS, DRAWN  FOR
THE  PURCHASE  OF  MOTOR  VEHICLES  SAFEKEEPING OF ALL CUSTOMER DEPOSITS

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11150-02-1

Co-Sponsors

S5477A (ACTIVE) - Details

See Assembly Version of this Bill:
A7767A
Law Section:
General Business Law
Laws Affected:
Amd §738, add §§740-a & 741-a, Gen Bus L

S5477A (ACTIVE) - Summary

Increases disclosures of automobile brokers.

S5477A (ACTIVE) - Sponsor Memo

S5477A (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 5477--A
    Cal. No. 921

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              May 25, 2011
                               ___________

Introduced  by Sens. ZELDIN, CARLUCCI -- read twice and ordered printed,
  and when  printed  to  be  committed  to  the  Committee  on  Consumer
  Protection -- reported favorably from said committee, ordered to first
  and  second  report,  ordered  to a third reading, amended and ordered
  reprinted, retaining its place in the order of third reading

AN ACT to amend the general business  law,  in  relation  to  increasing
  disclosures by automobile broker businesses

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph (e) of subdivision 1 of section 738 of the gener-
al business law, as added by chapter 616 of the laws of 1988, is amended
to read as follows:
  (e) A description of any other services  and  an  itemization  of  the
charges for each. SUCH DESCRIPTION SHALL INCLUDE DISCLOSURE OF THE AUTO-
MOBILE  DEALER  FROM  WHICH THE AUTOMOBILE WAS PURCHASED, AS WELL AS ALL
FEES, COMMISSIONS OR OTHER VALUABLE CONSIDERATIONS PAID BY AN AUTOMOBILE
DEALER TO THE AUTOMOBILE BROKER BUSINESS FOR SELLING, ARRANGING, ASSIST-
ING OR EFFECTING THE SALE OF AN AUTOMOBILE AS AGENT, BROKER, OR INTERME-
DIARY BETWEEN THE CONSUMER AND THE AUTOMOBILE DEALER.
  S 2. The general business law is amended by adding a new section 740-a
to read as follows:
  S 740-A.  AUTOMOBILE BROKER BUSINESS SURETY BOND. 1. AUTOMOBILE BROKER
BUSINESSES SHALL OBTAIN AND CONTINUE IN  EFFECT  A  SURETY  BOND  IN  AN
AMOUNT  OF  SEVENTY-FIVE  THOUSAND  DOLLARS EXECUTED BY A SURETY COMPANY
AUTHORIZED TO TRANSACT BUSINESS IN THE STATE BY THE INSURANCE DEPARTMENT
OF THE STATE OR ITS SUCCESSOR.  THE BONDS SHALL BE APPROVED AS  TO  FORM
BY  THE  SECRETARY  OF  STATE AND SHALL BE CONDITIONED ON THE AUTOMOBILE
BROKER BUSINESS' PAYMENT OF ALL VALID  BANK  DRAFTS,  INCLUDING  CHECKS,
DRAWN FOR THE PURCHASE OF MOTOR VEHICLES AND SAFEKEEPING OF ALL CUSTOMER
DEPOSITS  RELATED  TO  THE  SALE  OF A MOTOR VEHICLE BETWEEN THE TIME OF

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11150-08-1

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