NY State Senate Bill 2023-S7121

Current Bill Status - Stricken

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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 06, 2024	recommit, enacting clause stricken
Jan 03, 2024	referred to transportation
May 18, 2023	referred to transportation

2023-S7121 (ACTIVE) - Details

Law Section:: Vehicle and Traffic Law
Laws Affected:: Add §2124-a, V & T L

2023-S7121 (ACTIVE) - Summary

Provides for dealer sale rescission or cancelation for any vehicle not later than the thirtieth day following the date of sale; requires return by the dealer to the rightful parties all fees, taxes, and other monies provided to the dealer as part of the sale.

2023-S7121 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S7121

SPONSOR: KENNEDY
 
TITLE OF BILL:

An act to amend the vehicle and traffic law, in relation to dealer sale
rescission or cancelation for any vehicle

 
PURPOSE:

To permit the cancellation or rescinding of the sale of a vehicle with
approval by both dealer and purchaser.

 
SUMMARY OF PROVISIONS:

Section 1 adds a new section 2124-a to the vehicle and traffic law

Section 2 sets forth the effective date.

 
JUSTIFICATION:

The current automobile sale rescission process in New York State does
not provide customers the same flexibility and financial safety as other
commercially purchased products, hindering both the customers and auto-
mobile dealers. The current process is protracted and tedious often
leading to hardships for consumers and monetary loss for the dealer-
ships.

This legislation would provide a defined rescission process that is
cost-effective, expedient, and pro-consumer. It allows a dealer to offer
a return period of up to 30 days and would require a dealer that offers
such a return period to return all collected monies, fees, and taxes to
the purchaser or their lienholder if the purchaser elects to cancel
their purchase. This ensures that a consumer can quickly re-enter the
vehicle purchase market thus providing them with the same flexibility
and financial safety as any other commercially available product while
ensure the state continues to have regulatory oversight of the process.

After a vehicle has been returned and the dealer has refunded all
monies, fees, and taxes, the dealer makes application to the DMV and the
DMV is required to issue a title to the dealership and refund most taxes
and fees remitted to the DMV within seven days. Dealers would still be
prohibited from retailing returned vehicles until the DMV has issued the
new title to the dealer; however, this process ensures dealers have
financial safety and are able to quickly offer the returned vehicle for
retail sale

 
LEGISLATIVE HISTORY:

New Legislation.

 
FISCAL IMPLICATIONS:

No fiscal impact.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S7121 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7121
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               May 18, 2023
                                ___________
 
 Introduced  by  Sen. KENNEDY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Transportation
 
 AN ACT to amend the vehicle and traffic law, in relation to dealer  sale
   rescission or cancelation for any vehicle
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The vehicle and traffic law is  amended  by  adding  a  new
 section 2124-a to read as follows:
   § 2124-A. DEALER SALE RESCISSION OR CANCELATION FOR ANY VEHICLE. (A) A
 DEALER  AND PURCHASER MAY, BY CONCURRENCE, RESCIND OR CANCEL THE SALE OF
 A VEHICLE NOT LATER THAN THE THIRTIETH DAY FOLLOWING THE DATE OF SALE. A
 RESCINDED OR CANCELED SALE REQUIRES RETURN BY THE DEALER TO THE RIGHTFUL
 PARTIES ALL FEES, TAXES, AND OTHER MONIES PROVIDED TO THE DEALER AS PART
 OF THE SALE.
   (B) THE CONCURRENCE OF ALL PARTIES TO RESCIND OR CANCEL THE SALE SHALL
 BE ACKNOWLEDGED BY DEALER AND PURCHASER  IN  A  RETURN  AGREEMENT  WHICH
 SHALL  BE  RETAINED  BY  THE  DEALER  WITH  THE VEHICLE SALES RECORDS. A
 CANCELED OR RESCINDED SALE INVALIDATES ANY REQUIREMENTS IMPOSED UPON THE
 DEALER TO SUBMIT AN APPLICATION OR REMIT  ANY  FEES  AND  TAXES  IF  THE
 APPLICATION, FEES OR TAXES HAVE NOT BEEN REMITTED.
   (C)  IF AN APPLICATION HAS BEEN SUBMITTED OR FEES OR TAXES REMITTED OR
 THE DEALER REQUIRES A CERTIFICATE OF  TITLE  FOR  A  VEHICLE  THEY  HAVE
 ELECTED TO SUBJECT TO THIS SECTION FOR RESALE PURPOSES, THE RESCINDED OR
 CANCELED  SALE  AND RETURN TO THE RIGHTFUL PARTIES OF ALL FEES AND OTHER
 MONIES SHALL BE CERTIFIED BY THE DEALER UPON A FORM  PRESCRIBED  BY  THE
 COMMISSIONER.  THE  FORM SHALL BE COMPLETED AND SUBMITTED TO THE COMMIS-
 SIONER WITHIN FIFTEEN DAYS OF THE DATE THE PARTIES AGREED TO  CANCEL  OR
 RESCIND  THE  SALE,  HAVE  ATTACHED  TO IT A COPY OF THE DEALER'S RETURN
 AGREEMENT, THE CERTIFICATE OF TITLE OR INCLUDED A CERTIFICATION  ON  THE
 FORM  THAT  THE  CERTIFICATE  OF  TITLE  HAS BEEN LOST OR DESTROYED IF A
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11469-01-3
 S. 7121                             2

 
 CERTIFICATE OF TITLE HAS BEEN ISSUED, AND THE FEE  PURSUANT  TO  SECTION
 TWENTY-ONE HUNDRED TWENTY-FIVE OF THIS ARTICLE.
   (D) UPON RECEIPT OF THE FORM, THE COMMISSIONER SHALL WITHIN SEVEN DAYS
 OF  RECEIPT REFUND TO THE DEALER ANY FEES AND TAXES PAID TO OR COLLECTED
 BY THE COMMISSIONER FOR THE SALE WHICH IS SUBJECT TO THE  RESCISSION  OR
 CANCELLATION  LESS  THE FEE PURSUANT TO SECTION TWENTY-ONE HUNDRED TWEN-
 TY-FIVE OF THIS ARTICLE, AND ISSUE A CERTIFICATE OF TITLE TO THE  DEALER
 WITH  THE  DEALER  REFLECTED  AS  THE  OWNER AND THE ODOMETER READING AS
 RECORDED AT THE TIME OF SALE WHICH  IS  SUBJECT  TO  THE  RESCISSION  OR
 CANCELLATION.  A  DEALER  SHALL NOT OFFER A VEHICLE THEY HAVE ELECTED TO
 SUBJECT TO THIS SECTION FOR RETAIL SALE UNTIL THE  DEALER  HAS  RECEIVED
 THE CERTIFICATE OF TITLE PROVIDED BY THIS SUBDIVISION.
   (E)  ANY  RESCISSION,  CANCELLATION,  OR REVOCATION UNDER THIS SECTION
 SHALL NOT NEGATE THE FACT THAT THE VEHICLE HAS BEEN  THE  SUBJECT  OF  A
 PREVIOUS RETAIL SALE.
   § 2. This act shall take effect immediately.

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Senate Bill S7121

Sponsored By

Current Bill Status - Stricken

2023-S7121 (ACTIVE) - Details

2023-S7121 (ACTIVE) - Summary

2023-S7121 (ACTIVE) - Sponsor Memo

2023-S7121 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S7121

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Sponsored By

Timothy M. Kennedy

Current Bill Status - Stricken

2023-S7121 (ACTIVE) - Details

2023-S7121 (ACTIVE) - Summary

2023-S7121 (ACTIVE) - Sponsor Memo

2023-S7121 (ACTIVE) - Bill Text download pdf

Comments