Bill
Bill > A07585
NY A07585
NY A07585Limits the amount of certain credit service charges in motor vehicle retail installment contracts.
summary
Introduced
05/10/2019
05/10/2019
In Committee
01/08/2020
01/08/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
2019-2020 General Assembly
Bill Summary
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: 1
AI Summary
This bill amends the personal property law to limit the credit service charge in motor vehicle retail installment contracts to a maximum of $16 per $100 per year. The bill removes the previous provision that allowed the credit service charge to be set at a rate agreed upon by the seller and buyer. This change aims to cap the credit service charges that can be imposed on consumers in these types of transactions.
Committee Categories
Business and Industry
Sponsors (16)
Judy Griffin (D)*,
Ken Zebrowski (D)*,
Vivian Cook (D),
Michael DenDekker (D),
Inez Dickens (D),
Jeffrey Dinowitz (D),
Richard Gottfried (D),
Aileen Gunther (D),
Ellen Jaffee (D),
Kimberly Jean-Pierre (D),
Barbara Lifton (D),
Yuh-Line Niou (D),
Victor Pichardo (D),
Nader Sayegh (D),
Rebecca Seawright (D),
Al Taylor (D),
Last Action
referred to consumer affairs and protection (on 01/08/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://assembly.state.ny.us/leg/?default_fld=&bn=A07585&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y | 05/11/2019 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A07585&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A07585 | 05/11/2019 |
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