|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 03, 2018||referred to judiciary|
|Feb 21, 2017||referred to judiciary|
senate Bill S4606
Archive: Last Bill Status - In Senate Committee Judiciary Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4606 (ACTIVE) - Details
S4606 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4606 TITLE OF BILL : An act to amend the personal property law, in relation to rental-purchase agreement forms PURPOSE : To improve protections afforded to consumers in rental purchase agreements. SUMMARY OF PROVISIONS : Section 1 titles this act as the "rent to own fair practices act." Section 2 amends section 501 to increase font size on disclosures and removes weekends and holidays from counting toward nonpayment time frame. JUSTIFICATION : In 2010, the state of New York amended the laws relating to rental purchase agreements in an effort to provide for reasonable price controls in order to ensure that consumers pay reasonable prices, while allowing the rent-to-own industry to continue to offer its unique product in New York state. Unfortunately, the changes failed to fully correct the definition.
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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