Bill > S03237

This bill amends the Personal Property Law to limit the credit service charge that can be included in motor vehicle retail installment contracts. Specifically, it caps the credit service charge at a rate not to exceed $16 per $100 per annum, removing the previous provision that allowed the rate to be set by agreement between the retail seller and the buyer. The bill provides that the credit service charge may be computed on the total difference between the cash sale price and the buyer's down payment, as well as the amount included for insurance. The bill takes effect 30 days after it becomes law.