Senate Bill S5485B

Signed By Governor
2015-2016 Legislative Session

Requires used motor vehicle dealers to have a $20,000 surety bond if they sell 50 or fewer cars a year, and a $100,000 surety bond if they sell more than 50 a year

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Archive: Last Bill Status Via A8166 - Signed by Governor

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

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Bill Amendments

2015-S5485 - Details

See Assembly Version of this Bill:
A8166
Law Section:
Vehicle and Traffic Law
Laws Affected:
Amd §415, V & T L

2015-S5485 - Summary

Requires used motor vehicle dealers to have a $20,000 surety bond if they sell 50 or less cars a year, and a $100,000 surety bond if they sell more than 50 cars a year.

2015-S5485 - Sponsor Memo

2015-S5485 - Bill Text download pdf 

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

                                  5485

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

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

AN ACT to amend the vehicle and traffic law, in relation to surety  bond
  requirements for car dealers

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

  Section 1. Paragraphs a, b and c of subdivision 6-b of section 415  of
the  vehicle  and  traffic  law,  as amended by chapter 7 of the laws of
2000, paragraph a as further amended by section 104 of part A of chapter
62 of the laws of 2011, are amended to read as follows:
  a. As a condition to obtaining a registration certificate pursuant  to
this  section, every new motor vehicle dealer applicant and every quali-
fied dealer applicant shall obtain and continue in effect a surety  bond
in  an  amount  of  fifty  thousand dollars executed by a surety company
authorized to transact business in the state by the department of finan-
cial services of the state. As a condition to obtaining  a  registration
certificate  pursuant  to  this  section, every dealer applicant [who is
applying for a registration certificate in the  first  instance  or  who
sold  two  hundred motor vehicles or fewer in the previous calendar year
shall obtain and continue in effect a surety bond in an  amount  of  ten
thousand  dollars  executed  by  a surety company authorized to transact
business in the state by the department of  financial  services  of  the
state.  As  a condition of obtaining a registration certificate pursuant
to this section, every dealer applicant who sold more than  two  hundred
motor  vehicles  in the previous calendar year shall obtain and continue
in effect a surety bond in an amount  of  twenty-five  thousand  dollars
executed  by  a  surety  company  authorized to transact business in the
state by the department of financial services of the  state.  The  bonds
shall  be  approved  as  to form by the commissioner and shall be condi-
tioned on the new motor vehicle dealer's, qualified dealer's, and  deal-
er's:  payment of all valid bank drafts, including checks, drawn by such

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10954-04-5

2015-S5485A - Details

See Assembly Version of this Bill:
A8166
Law Section:
Vehicle and Traffic Law
Laws Affected:
Amd §415, V & T L

2015-S5485A - Summary

Requires used motor vehicle dealers to have a $20,000 surety bond if they sell 50 or less cars a year, and a $100,000 surety bond if they sell more than 50 cars a year.

2015-S5485A - Sponsor Memo

2015-S5485A - Bill Text download pdf 

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

                                 5485--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

Introduced  by  Sen.  KLEIN  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Transportation --  commit-
  tee  discharged, bill amended, ordered reprinted as amended and recom-
  mitted to said committee

AN ACT to amend the vehicle and traffic law, in relation to surety  bond
  requirements for car dealers

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

  Section 1. Paragraphs a and c of subdivision 6-b of section 415 of the
vehicle and traffic law, as amended by chapter 7 of the  laws  of  2000,
paragraph a as further amended by section 104 of part A of chapter 62 of
the laws of 2011, are amended to read as follows:
  a.  As a condition to obtaining a registration certificate pursuant to
this section, every new motor vehicle dealer applicant and every  quali-
fied  dealer applicant shall obtain and continue in effect a surety bond
in an amount of fifty thousand dollars  executed  by  a  surety  company
authorized to transact business in the state by the department of finan-
cial  services  of the state. As a condition to obtaining a registration
certificate pursuant to this section, every  dealer  applicant,  who  is
[applying for a registration certificate in the first instance or] NOT A
NEW  MOTOR  VEHICLE  DEALER  OR A QUALIFIED MOTOR VEHICLE DEALER AND who
sold [two hundred] FIFTY motor vehicles or fewer in the previous  calen-
dar year, shall obtain and continue in effect a surety bond in an amount
of [ten] TWENTY thousand dollars executed by a surety company authorized
to  transact  business  in  the  state  by  the  department of financial
services of the state.  As  a  condition  of  obtaining  a  registration
certificate pursuant to this section, every dealer applicant, who IS NOT
A  NEW  MOTOR VEHICLE DEALER OR A QUALIFIED MOTOR VEHICLE DEALER AND WHO
sold more than [two hundred] FIFTY motor vehicles in the previous calen-
dar year shall obtain and continue in effect a surety bond in an  amount
of  [twenty-five]  ONE  HUNDRED  thousand  dollars  executed by a surety

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10954-07-5

2015-S5485B (ACTIVE) - Details

See Assembly Version of this Bill:
A8166
Law Section:
Vehicle and Traffic Law
Laws Affected:
Amd §415, V & T L

2015-S5485B (ACTIVE) - Summary

Requires used motor vehicle dealers to have a $20,000 surety bond if they sell 50 or less cars a year, and a $100,000 surety bond if they sell more than 50 cars a year.

2015-S5485B (ACTIVE) - Sponsor Memo

2015-S5485B (ACTIVE) - Bill Text download pdf 

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

                                 5485--B
    Cal. No. 1442

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 14, 2015
                               ___________

Introduced  by  Sen.  KLEIN  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Transportation --  commit-
  tee  discharged, bill amended, ordered reprinted as amended and recom-
  mitted to said committee -- recommitted to the Committee on  Transpor-
  tation  in  accordance  with  Senate  Rule  6,  sec.  8  --  committee
  discharged and said bill  committed  to  the  Committee  on  Rules  --
  reported  favorably  from  said committee, ordered to a third reading,
  passed by Senate and delivered to the Assembly, recalled, vote  recon-
  sidered,  restored  to  third  reading, amended and ordered reprinted,
  retaining its place in the order of third reading

AN ACT to amend the vehicle and traffic law, in relation to surety  bond
  requirements for car dealers

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

  Section 1. Paragraphs a and c of subdivision 6-b of section 415 of the
vehicle and traffic law, as amended by chapter 7 of the  laws  of  2000,
paragraph a as further amended by section 104 of part A of chapter 62 of
the laws of 2011, are amended to read as follows:
  a.  As a condition to obtaining a registration certificate pursuant to
this section, every new motor vehicle dealer applicant and every  quali-
fied  dealer applicant shall obtain and continue in effect a surety bond
in an amount of fifty thousand dollars  executed  by  a  surety  company
authorized to transact business in the state by the department of finan-
cial  services  of the state. As a condition to obtaining a registration
certificate pursuant to this section,  every  dealer  applicant  who  is
applying  for  a  registration  certificate in the first instance or who
sold [two hundred] FIFTY motor vehicles or fewer in the previous  calen-
dar  year shall obtain and continue in effect a surety bond in an amount
of [ten] TWENTY thousand dollars executed by a surety company authorized
to transact business  in  the  state  by  the  department  of  financial
services  of  the  state.  As  a  condition  of obtaining a registration

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

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