Bill
Bill > S04774
NY S04774
NY S04774Limits the amount of certain credit service charges in motor vehicle retail installment contracts.
summary
Introduced
02/14/2023
02/14/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 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
AI Summary
This bill amends the Personal Property Law to limit the maximum credit service charge that can be included in a motor vehicle retail installment contract to 16 dollars per $100 per year. The bill removes the previous provision that allowed the credit service charge rate to be determined by agreement between the retail seller and the buyer. The bill will take effect 30 days after it becomes law.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
REFERRED TO CONSUMER PROTECTION (on 01/03/2024)
Bill Topics
Banking, Finance, and Domestic Commerce
- ‐ Automotive Industry
- ‐ Consumer Finance and Credit, including Credit Cards
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://www.nysenate.gov/legislation/bills/2023/S4774 | 02/14/2023 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S04774&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S04774 | 02/14/2023 |
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