Assembly Bill A4856

2019-2020 Legislative Session

Authorizes the superintendent of financial services to oversee and regulate car dealer transactions with consumers

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

multi-Sponsors

2019-A4856 (ACTIVE) - Details

Current Committee:
Assembly Consumer Affairs And Protection
Law Section:
Financial Services Law
Laws Affected:
Amd §301, Fin Serv L; amd §302, Pers Prop L; add §§417-d & 417-e, V & T L
Versions Introduced in Other Legislative Sessions:
2015-2016: A7866
2017-2018: A4619
2021-2022: A5997
2023-2024: A3924

2019-A4856 (ACTIVE) - Summary

Authorizes the superintendent of financial services to oversee and regulate car dealer transactions with consumers; requires motor vehicle retail installment contracts to include an itemized listing of all costs related to the purchase of a motor vehicle and disclosure of the prohibition of conditional delivery; requires motor vehicle dealers to provide credit applicants with copies of all credit application documents; prohibits the conditional delivery of a motor vehicle.

2019-A4856 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4856
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 5, 2019
                                ___________
 
 Introduced  by M. of A. BLAKE -- read once and referred to the Committee
   on Consumer Affairs and Protection
 
 AN ACT to amend the financial services law, in relation  to  authorizing
   the superintendent of financial services to oversee and regulate sales
   of motor vehicles to consumers; to amend the personal property law, in
   relation   to   the  contents  of  motor  vehicle  retail  installment
   contracts; and to amend the vehicle and traffic law,  in  relation  to
   requiring  motor  vehicle  dealers to provide credit applicants with a
   copy of all loan application documents,  and  prohibiting  conditional
   deliveries of motor vehicles
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1.  Section 301 of the financial services law  is  amended  by
 adding a new subsection (d) to read as follows:
   (D)  THE  SUPERINTENDENT  SHALL HAVE THE POWER TO OVERSEE AND REGULATE
 THE FINANCING OF BOTH NEW AND USED  MOTOR  VEHICLES  PURCHASED  IN  THIS
 STATE,  INCLUDING  THE  IMPLEMENTATION  OF  ARTICLE NINE OF THE PERSONAL
 PROPERTY LAW, AND MOTOR  VEHICLE  DEALER  TRANSACTIONS  WITH  CONSUMERS,
 INCLUDING  THOSE  SUBJECT  TO  THE  PROVISIONS OF ARTICLE SIXTEEN OF THE
 VEHICLE AND TRAFFIC LAW.
   § 2. Section 302 of the personal property law is amended by adding two
 new subdivisions 5-a and 5-b to read as follows:
   5-A. EVERY RETAIL INSTALLMENT CONTRACT  SHALL  INCLUDE  THE  FOLLOWING
 STATEMENT IN TWELVE POINT TYPE:
   "CONDITIONAL  DELIVERIES  PROHIBITED: IN ACCORDANCE WITH SECTION 417-D
 OF THE NEW YORK STATE VEHICLE AND TRAFFIC LAW,  WHEN  THIS  CONTRACT  IS
 SIGNED  BY THE DEALER AND THE BUYER, AND THE BUYER TAKES THE VEHICLE OFF
 THE DEALER LOT, THE BUYER IS THE OWNER OF THE VEHICLE AND HAS THE  RIGHT
 TO  KEEP THE VEHICLE EXCEPT FOR REASONS OF NON-PAYMENT OF THIS CONTRACT.
 THE DEALER MAY NOT DEMAND THAT THE VEHICLE BE RETURNED FOR  ANY  REASON,
 INCLUDING  ALLEGED DENIAL OF ANY FINANCING. DEALERS AND LENDERS MAY ONLY
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.