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Senate Bill S488

2015-2016 Legislative Session

Prohibits the imposition of certain fees at the expiration of a term on a motor vehicle lease which constitutes administrative, clerical or handling charges

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Archive: Last Bill Status - In Senate Committee Rules Committee

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2015-S488 (ACTIVE) - Details

See Assembly Version of this Bill:
A2512
Current Committee:
Senate Rules
Law Section:
Personal Property Law
Laws Affected:
Amd ยง337, Pers Prop L
Versions Introduced in Other Legislative Sessions:
2009-2010: S1396, A2904
2011-2012: S1599, A1581
2013-2014: S3573, A466
2017-2018: S2988, A2337
2019-2020: S5921, A3345
2021-2022: S3236, A5551
2023-2024: S4778, A7167

2015-S488 (ACTIVE) - Summary

Provides that with respect to leases on motor vehicles, no lease shall provide that the lessee would be charged a turn-in fee at the expiration of the term which constitutes solely an additional fee for administrative, handling or clerical charges.

2015-S488 (ACTIVE) - Sponsor Memo

2015-S488 (ACTIVE) - Bill Text download pdf 

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

                                   488

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2015
                               ___________

Introduced  by  Sens.  LAVALLE, GOLDEN, LARKIN -- read twice and ordered
  printed, and when printed to be committed to the Committee on Consumer
  Protection

AN ACT to amend the personal property law, in  relation  to  prohibiting
  certain provisions in retail lease agreements

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

  Section 1. Paragraphs (h) and (i) of subdivision 14 of section 337  of
the  personal  property  law, paragraph (h) as added by chapter 1 of the
laws of 1994 and paragraph (i) as amended by chapter 111 of the laws  of
1995, are amended and a new paragraph (j) is added to read as follows:
  (h)  the  lessee  waives any right to a trial by jury in any action or
proceeding arising out of the agreement; [or]
  (i) a lessee who is not in default of his or her obligations under the
agreement would be prohibited from terminating the agreement at any time
after the expiration of the first fifty percent of the total  number  of
months  of the lease term. The exercise of this right to terminate early
voluntarily is contingent upon the lessee discharging fully his  or  her
liability under the early termination provisions of the agreement[.]; OR
  (J) THE LESSEE WOULD BE CHARGED A TURN-IN FEE AT THE EXPIRATION OF THE
TERM  WHICH  CONSTITUTES  SOLELY  AN  ADDITIONAL FEE FOR ADMINISTRATIVE,
HANDLING OR CLERICAL CHARGES.
  S 2. This act shall take effect on the first of January next  succeed-
ing  the  date  on  which  it shall have become a law and shall apply to
leases executed on or after such date.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03139-01-5

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