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Bill > S05947
NY S05947
NY S05947Limits the amount of certain credit service charges in motor vehicle retail installment contracts.
summary
Introduced
05/16/2019
05/16/2019
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 that can be included in motor vehicle retail installment contracts to a maximum rate of $16 per $100 per annum. The bill removes the previous provision that allowed the credit service charge rate to be set at an agreed-upon rate between the retail seller and the buyer. The amended law will take effect 30 days after it becomes law.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
REFERRED TO CONSUMER PROTECTION (on 01/08/2020)
Official Document
bill text
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=S05947&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y | 05/17/2019 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S05947&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S05947 | 05/17/2019 |
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