Bill
Bill > S06543
NY S06543
NY S06543Requires motor vehicle dealers to disclose price markups to the purchasers of motor vehicles; provides failure to so disclose shall be grounds for revocation of the dealer's registration and imposes civil liability to purchasers for damages; authorizes the financial frauds and consumer protection unit of the department of financial services to study problematic practices in the price markups of motor vehicle dealers.
summary
Introduced
03/17/2025
03/17/2025
In Committee
01/07/2026
01/07/2026
Crossed Over
Passed
Dead
Introduced Session
2025-2026 General Assembly
Bill Summary
AN ACT to amend the vehicle and traffic law, in relation to requiring retail motor vehicle dealers to disclose to purchasers any markups in the cost of a motor vehicle as the result of financing the cost thereof; and to amend the financial services law, in relation to authorizing the financial frauds and consumer protection unit to study motor vehicle dealer price markups
AI Summary
This bill requires motor vehicle dealers to disclose any financing markups to purchasers at the time of sale, specifically related to retail installment contracts or loan agreements. If a dealer fails to disclose these markups, they can have their dealer registration suspended or revoked by the department. Additionally, if a dealer violates this disclosure requirement, the purchaser can sue for compensatory damages equal to the financing markup and recover reasonable attorney's fees. The bill also authorizes the financial frauds and consumer protection unit to conduct a comprehensive study on motor vehicle dealer price markups, with a particular focus on identifying problematic practices such as potential race discrimination. The unit is required to submit its findings and recommendations to key government officials, including the governor, senate president, assembly speaker, and chairs of the banking committees. The bill will take effect on the first day of January following its passage into law.
Committee Categories
Transportation and Infrastructure
Sponsors (1)
Last Action
REFERRED TO TRANSPORTATION (on 01/07/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2025/S6543 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S06543&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S06543 |
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