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Assembly Bill A7297

2023-2024 Legislative Session

Requires motor vehicle lease contracts to include provisions related to the accumulation of mileage

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Archive: Last Bill Status - In Assembly Committee

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2023-A7297 (ACTIVE) - Details

Current Committee:
Assembly Consumer Affairs And Protection
Law Section:
Personal Property Law
Laws Affected:
Amd §337, Pers Prop L
Versions Introduced in 2025-2026 Legislative Session:
A5188

2023-A7297 (ACTIVE) - Summary

Requires motor vehicle lease contracts to include provisions related to the accumulation of mileage, specifically the amount a lessee will receive back if such lessee does not accumulate all miles that were allotted for the term of the lease.

2023-A7297 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7297
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 17, 2023
                                ___________
 
 Introduced by M. of A. NOVAKHOV -- read once and referred to the Commit-
   tee on Consumer Affairs and Protection
 
 AN  ACT  to  amend  the  personal property law, in relation to requiring
   motor vehicle lease contracts to include  provisions  related  to  the
   accumulation of mileage

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraphs (l) and (l) of subdivision 5 of section  337  of
 the  personal  property  law, paragraph (l) as amended by chapter 140 of
 the laws of 1995 and as relettered by chapter 246 of the  laws  of  2019
 and  paragraph  (l)  as  added  by  chapter 607 of the laws of 2019, are
 amended and a new paragraph (n) is added to read as follows:
   (l) In the case of an agreement which does  not  obligate  the  lessee
 upon  a  total  loss  of the vehicle occasioned by its theft or physical
 damage for any of the items specified  in  paragraphs  (e)  and  (f)  of
 subdivision  one  of  section three hundred forty-one of this article, a
 conspicuous notice that the lessee has no such obligation[.];
   [(l)] (M) The liability of the lessee in the case of a total  loss  of
 the vehicle or the vehicle is rendered inoperable. Disclosure of liabil-
 ity  pursuant to this paragraph shall include the financial liability of
 the lessee and the lessor's rules, policies and procedures in the  event
 the  car is declared a total loss or rendered inoperable during the term
 of the lease[.];
   (N) AN AMOUNT A LESSEE WILL RECEIVE IF SUCH LESSEE RETURNS THE VEHICLE
 AT THE END OF THE LEASE TERM ACCUMULATING LESS MILES THAN WERE FIXED FOR
 SUCH LEASE TERM, PROVIDED THAT SUCH  AMOUNT  SHALL  BE,  AT  A  MINIMUM,
 EQUIVALENT  TO  THE AMOUNT CHARGED FOR ADDITIONAL MILEAGE ACCUMULATED AT
 THE END OF SUCH LEASE TERM.
   § 2. This act shall take effect immediately, and shall  apply  to  all
 leases  entered  into,  renewed,  modified  or amended on and after such
 effective date.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11260-01-3

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