Bill > S07654

This bill enhances consumer protections in motor vehicle sales by giving the superintendent of financial services new oversight powers to regulate car dealer transactions and vehicle financing. The bill requires retail installment contracts to include a clear statement prohibiting conditional deliveries, meaning once a buyer signs the contract and takes possession of a vehicle, they own it and cannot be forced to return it except for non-payment. Additionally, the bill mandates that these contracts provide an itemized breakdown of all vehicle-related costs, including the base vehicle price, options, fees, and total price. Motor vehicle dealers must now carefully review credit applications with buyers, ensuring all information is accurate and signed by both parties. If a dealer fails to comply with these credit application requirements, buyers can void the sale within 30 days and receive reimbursement for all associated costs. The legislation also explicitly prohibits conditional vehicle deliveries, requiring dealers to fully disclose all sale terms in writing before transferring vehicle possession and maintain documentation of these disclosures for at least seven years. These provisions aim to increase transparency and protect consumers in motor vehicle sales transactions.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S7654