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Assembly Bill A4485

2023-2024 Legislative Session

Limits the amount of certain credit service charges in motor vehicle retail installment contracts

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Archive: Last Bill Status - On Floor Calendar

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2023-A4485 (ACTIVE) - Details

See Senate Version of this Bill:
S4774
Law Section:
Personal Property Law
Laws Affected:
Amd §303, Pers Prop L
Versions Introduced in Other Legislative Sessions:
2019-2020: A7585, S5947
2021-2022: A819, S3237
2025-2026: A8423, S5213

2023-A4485 (ACTIVE) - Summary

Limits the amount of certain credit service charges in motor vehicle retail installment contracts.

2023-A4485 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4485
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 16, 2023
                                ___________
 
 Introduced  by  M.  of A. ZEBROWSKI, DINOWITZ, TAYLOR, DICKENS, GUNTHER,
   COOK, SEAWRIGHT, JEAN-PIERRE, SAYEGH, BURGOS -- read once and referred
   to the Committee on Consumer Affairs and Protection
 
 AN ACT to amend the personal property law, in relation to  limiting  the
   amount  of  certain  credit  service  charges  in motor vehicle retail
   installment contracts
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Subdivision 1 of section 303 of the personal property law,
 as amended by chapter 641 of the laws of 1984, is  amended  to  read  as
 follows:
   1.  A retail seller may contract for in a retail [instalment] INSTALL-
 MENT contract and charge, receive and collect the credit service  charge
 authorized by this article at [the rate or rates agreed to by the retail
 seller  and  the  buyer]  A  RATE  NOT TO EXCEED SIXTEEN DOLLARS PER ONE
 HUNDRED DOLLARS PER ANNUM.
   The credit service charge authorized  by  this  subdivision  shall  be
 computed  on  an amount equal to the total of the difference between the
 cash sale price of the motor vehicle and the amount of the buyer's  down
 payment  and the amount of official fees, and such charge may be made on
 the amount included in the contract for insurance  as  determined  under
 subdivision six of section three hundred two of this [chapter] ARTICLE.
   §  2.  This  act shall take effect on the thirtieth day after it shall
 have become a law.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03215-01-3

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