senate Bill S4606

2017-2018 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 (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 03, 2018 referred to judiciary
Feb 21, 2017 referred to judiciary

S4606 (ACTIVE) - Details

Current Committee:
Senate Judiciary
Law Section:
Personal Property Law
Laws Affected:
Amd §501, Pers Prop L
Versions Introduced in Other Legislative Sessions:
2015-2016: S5476
2019-2020: S2804

S4606 (ACTIVE) - Summary

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

S4606 (ACTIVE) - Sponsor Memo

S4606 (ACTIVE) - Bill Text download pdf


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

                                  4606

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            February 21, 2017
                               ___________

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  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.
  4.  Only  one  late  charge or reinstatement fee may be assessed for a
delinquent periodic payment regardless of the  period  during  which  it
remains in default. No merchant shall assess a late charge for a period-
ic  payment made in full on its due date or within three days for agree-

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

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