Bill > A05188

This bill amends the New York Personal Property Law to require motor vehicle lease contracts to include additional transparency provisions regarding mileage and financial obligations. Specifically, the bill mandates that lease contracts must now disclose: (1) the lessee's financial liability in case of a total vehicle loss or if the vehicle becomes inoperable, including specific rules and procedures from the lessor, and (2) a clear statement about the amount of money a lessee will receive if they return the vehicle at the end of the lease term with fewer miles than originally specified in the contract. The new mileage-related provision ensures that lessees will receive at least an amount equivalent to what they would have been charged for additional miles, effectively protecting consumers from financial penalties for underutilizing their leased vehicle's allotted mileage. The bill will apply to all new, renewed, modified, or amended leases from its effective date, providing immediate consumer protection in motor vehicle lease agreements.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A5188