Bill > S05483

This bill expands the jurisdiction of the New York Department of Financial Services (DFS) over motor vehicle financing and introduces new regulations for motor vehicle dealers. It requires all motor vehicle dealers that facilitate vehicle financing to employ a licensed finance manager who has completed a mandatory educational course established by the DFS. The bill mandates several new disclosure requirements for dealers, including clearly posting total sales prices, add-on product prices, and financing details. Dealers must now disclose all financing offers, including any markup in the cost of the vehicle (with limits on markup percentages), verify customer income and employment, and inform customers they can obtain financing from the dealer or a separate financial institution. Additionally, dealers must submit annual reports to the DFS providing detailed information about vehicle purchases and financing, including borrower credit scores, monthly payments, income levels, and vehicle details. The bill also modifies existing law to give buyers an unconditional right to cancel a contract within 48 hours of signing or receiving a signed contract copy. These provisions aim to increase transparency and consumer protection in motor vehicle sales and financing, with potential penalties for non-compliance including license suspension or revocation.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S5483