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Assembly Bill A5311

2017-2018 Legislative Session

Limits loan assignee liability with regard to motor vehicle retail installment contracts

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2017-A5311 (ACTIVE) - Details

Law Section:
Personal Property Law
Laws Affected:
Amd §302, Pers Prop L
Versions Introduced in 2015-2016 Legislative Session:
A7930

2017-A5311 (ACTIVE) - Summary

Limits loan assignee liability with regard to motor vehicle retail installment contracts.

2017-A5311 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5311
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 7, 2017
                                ___________
 
 Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
   tee on Consumer Affairs and Protection
 
 AN ACT to amend the personal property law, in relation to loan assignees
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subdivision 9 of section 302 of the personal property  law,
 as  amended  by  chapter  643 of the laws of 1978, is amended to read as
 follows:
   9. (A) No retail instalment contract shall contain  any  provision  by
 which  the  buyer  agrees  not  to assert against an assignee a claim or
 defense arising out of the sale or require or entail  the  execution  of
 any  note  or series of notes, which when separately negotiated will cut
 off as to third parties any right of action or defense which  the  buyer
 may  have  against  the  seller.  The  assignee  of a retail installment
 contract or obligation shall be subject to all claims  and  defenses  of
 the  buyer  against the seller arising from the sale notwithstanding any
 agreement to the contrary,  but  the  assignee's  liability  under  this
 subdivision  shall  not  exceed  the amount owing to the assignee at the
 time the claim or defense is asserted against the assignee.
   (B) LIMITATIONS ON ASSIGNEE LIABILITY REFERRED TO IN PARAGRAPH (A)  OF
 THIS  SUBDIVISION  SHALL BE EXCLUSIVE OF ANY REASONABLE COSTS AND ATTOR-
 NEY'S FEES THE COURT MAY AWARD.
   § 2. This act shall take effect on the first of January next  succeed-
 ing the date on which it shall have become a law.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03767-01-7

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