Bill > S04332

This bill requires the registration of new automotive broker businesses, enacts various provisions relating to the conduct of such businesses, defines certain deceptive practices, and establishes rights of action and penalties. Key provisions include: - Requiring automobile broker businesses to obtain a certificate of registration from the Department of Motor Vehicles, which will be valid for 2 years and prohibits certain entities like dealers and manufacturers from obtaining this registration. - Establishing requirements for automobile broker contracts, including mandatory disclosures and consumer rights like a 3-day cancellation period. - Defining various deceptive and fraudulent practices by automobile broker businesses, such as misrepresenting services, affiliations, or pricing. - Increasing the surety bond requirement for automobile broker businesses from $100,000 to $250,000. - Providing for enforcement by the Attorney General, local authorities, and private parties, including the ability to seek injunctions, damages, and civil penalties of up to $10,000 per violation. - Requiring automobile brokers to maintain detailed records of their transactions and ordering activities. The bill aims to add oversight and consumer protections to the automotive broker industry in New York.

Business and Industry

https://www.nysenate.gov/legislation/bills/2021/S4332