senate Bill S5476A

2015-2016 Legislative Session

Relates to rental-purchase agreement forms

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Judiciary Committee


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

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 06, 2016 print number 5476a
Jun 06, 2016 amend (t) and recommit to judiciary
Jan 06, 2016 referred to judiciary
May 14, 2015 referred to judiciary

S5476 - Details

See Assembly Version of this Bill:
A10676
Current Committee:
Senate Judiciary
Law Section:
Personal Property Law
Laws Affected:
Amd §501, Pers Prop L
Versions Introduced in Other Legislative Sessions:
2017-2018: S4606
2019-2020: S2804

S5476 - Summary

Relates to rental-purchase agreement forms including requirements for font size and how to calculate late charges.

S5476 - Sponsor Memo

S5476 - Bill Text download pdf

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

                                  5476

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Judiciary

AN ACT to amend the personal property law, in relation to  enacting  the
  "rent  to own fair practices act"; and to repeal certain provisions of
  such law relating thereto

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

  Section  1.  This  act shall be known and may be cited as the "rent to
own fair practices act".
  S 2. Subdivision 2 of section 500 of the  personal  property  law,  as
amended  by  chapter  309  of  the  laws of 2010, is amended and two new
subdivisions 14 and 15 are added to read as follows:
  2. "Cash  price"  means  the  price  [of]  AT  WHICH  the  merchandise
[described in the rental-purchase agreement that the consumer may pay in
cash  to the merchant at the inception], OR MERCHANDISE OF SUBSTANTIALLY
THE SAME KIND, QUALITY, OR QUANTITY, IS OFFERED FOR  SALE  AT  THE  FAIR
MARKET  VALUE  BY  A  REASONABLE  NUMBER  OF MERCHANTS IN THE TRADE AREA
DURING THE SIXTY DAYS PRIOR TO THE DATE of the rental-purchase agreement
[to acquire ownership of such merchandise].
  14. "TRADE AREA" MEANS THE GEOGRAPHICAL AREA  IN  WHICH  THE  MERCHANT
SOLICITS OR MAKES RENTAL-PURCHASE AGREEMENTS.
  15.  "FAIR  MARKET  VALUE" MEANS THE PRICE THAT A SELLER IS WILLING TO
ACCEPT AND A BUYER IS WILLING TO PAY ON THE OPEN MARKET AND IN AN  ARM'S
LENGTH TRANSACTION.
  S 3. Subdivision 2, paragraph (e) of subdivision 3, subdivisions 4 and
6  and  paragraph  (a)  of  subdivision 8 of section 501 of the personal
property law, subdivisions 2 and 4 and paragraph (e) of subdivision 3 as
added by chapter 792 of the laws of 1986, subdivision 6 as  amended  and
paragraph  (a)  of  subdivision 8 as added by chapter 309 of the laws of
2010, are amended to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10752-02-5

S5476A (ACTIVE) - Details

See Assembly Version of this Bill:
A10676
Current Committee:
Senate Judiciary
Law Section:
Personal Property Law
Laws Affected:
Amd §501, Pers Prop L
Versions Introduced in Other Legislative Sessions:
2017-2018: S4606
2019-2020: S2804

S5476A (ACTIVE) - Summary

Relates to rental-purchase agreement forms including requirements for font size and how to calculate late charges.

S5476A (ACTIVE) - Sponsor Memo

S5476A (ACTIVE) - Bill Text download pdf

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

                                 5476--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Judiciary  --  recommitted
  to the Committee on Judiciary in accordance with Senate Rule 6, sec. 8
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

AN ACT to amend the personal property law, in  relation  to  rental-pur-
  chase agreement forms

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

  Section 1.  Subdivision 2, paragraph (e) of subdivision 3, and  subdi-
vision  4 of section 501 of the personal property law, as added by chap-
ter 792 of the laws of 1986, are amended to read as follows:
  2. Disclosures required by this section must be printed  or  typed  in
each  rental-purchase  agreement in a size equal to at least [ten-point]
TWELVE-POINT bold-faced type.
  (e) requiring the payment of a late charge or reinstatement fee unless
a periodic payment is delinquent for more than three days for agreements
that are renewed on week by week terms and  seven  days  for  agreements
that  are  renewed  on  month by month terms[,]; PROVIDED, HOWEVER, THAT
NEITHER SATURDAYS, SUNDAYS,  NOR  FEDERALLY-RECOGNIZED  HOLIDAYS  DURING
WHICH  THE  UNITED STATES POSTAL SERVICE IS NOT OPEN TO THE PUBLIC SHALL
COUNT TOWARD THE THREE OR SEVEN DAY TOTALS, and the charge or fee is  in
an  amount  not  more  than the greater of ten percent of the delinquent
amount or three dollars for agreements that are renewed on week by  week
terms  and  not  more  than the greater of ten percent of the delinquent
amount or five dollars for agreements that are renewed on month by month
terms. In the event that multiple items are leased to a consumer  pursu-
ant  to  more  than  one rental-purchase agreement, any late fee imposed
pursuant to this section shall not exceed ten percent of  the  total  of
the periodic payments that are delinquent.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10752-03-6

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