Bill
Bill > A04485
NY A04485
NY A04485Limits the amount of certain credit service charges in motor vehicle retail installment contracts.
summary
Introduced
02/16/2023
02/16/2023
In Committee
02/27/2024
02/27/2024
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 dollars per year. The previous law allowed the credit service charge to be set at a rate agreed upon between the retail seller and the buyer. The bill aims to provide more protection for consumers by capping the credit service charges they can be charged when financing the purchase of a motor vehicle.
Committee Categories
Business and Industry
Sponsors (11)
Dana Levenberg (D)*,
Ken Zebrowski (D)*,
Kenny Burgos (D),
Vivian Cook (D),
Inez Dickens (D),
Jeffrey Dinowitz (D),
Aileen Gunther (D),
Kimberly Jean-Pierre (D),
Nader Sayegh (D),
Rebecca Seawright (D),
Al Taylor (D),
Last Action
advanced to third reading cal.328 (on 02/29/2024)
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/A4485 | 02/16/2023 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A04485&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A04485 | 02/16/2023 |
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