Senate Bill S3442

2021-2022 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 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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2021-S3442 (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
2017-2018: S4606
2019-2020: S2804
2023-2024: S1108

2021-S3442 (ACTIVE) - Summary

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

2021-S3442 (ACTIVE) - Sponsor Memo

2021-S3442 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3442
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 29, 2021
                                ___________
 
 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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