New York S 7654: Authorizes the superintendent of financial services to oversee and regulate car dealer transactions with consumers

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S07654 Summary:

BILL NOS07654 

&nbsp

SAME ASSAME AS A00960

&nbsp

SPONSORBYNOE

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §301, Fin Serv L; amd §302, Pers Prop L; add §§417-d & 417-e, V & T L

&nbsp

Authorizes the superintendent of financial services to oversee and regulate car dealer transactions with consumers; requires motor vehicle retail installment contracts to include an itemized listing of all costs related to the purchase of a motor vehicle and disclosure of the prohibition of conditional delivery; requires motor vehicle dealers to provide credit applicants with copies of all credit application documents; prohibits the conditional delivery of a motor vehicle.

Go to top S07654 Actions:

BILL NOS07654 

&nbsp

04/25/2025REFERRED TO BANKS

05/27/20251ST REPORT CAL.1288

05/28/20252ND REPORT CAL.

05/29/2025ADVANCED TO THIRD READING 

06/13/2025COMMITTED TO RULES

01/07/2026REFERRED TO BANKS

Go to topS07654 Committee&nbspVotes:

Go to topS07654 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS07654 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7654

 2025-2026 Regular Sessions

 IN SENATE

 April 25, 2025
 ___________

 Introduced by Sen. BYNOE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Banks

 AN ACT to amend the financial services law, in relation to authorizing
 the superintendent of financial services to oversee and regulate sales
 of motor vehicles to consumers; to amend the personal property law, in
 relation to the contents of motor vehicle retail installment
 contracts; and to amend the vehicle and traffic law, in relation to
 requiring motor vehicle dealers to provide credit applicants with a
 copy of all loan application documents, and prohibiting conditional
 deliveries of motor vehicles

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 301 of the financial services law is amended by
 2 adding a new subsection (d) to read as follows:
 3 (d) The superintendent shall have the power to oversee and regulate
 4 the financing of both new and used motor vehicles purchased in this
 5 state, including the implementation of article nine of the personal
 6 property law, and motor vehicle dealer transactions with consumers,
 7 including those subject to the provisions of article sixteen of the
 8 vehicle and traffic law.
 9 § 2. Section 302 of the personal property law is amended by adding two
 10 new subdivisions 5-a and 5-b to read as follows:
 11 5-a. Every retail installment contract shall include the following
 12 statement in twelve point type:
 13 "Conditional Deliveries Prohibited: In accordance with Section 417-d
 14 of the New York State Vehicle and Traffic Law, when this contract is
 15 signed by the dealer and the buyer, and the buyer takes the vehicle off
 16 the dealer lot, the buyer is the owner of the vehicle and has the right
 17 to keep the vehicle except for reasons of non-payment of this contract.
 18 The dealer may not demand that the vehicle be returned for any reason,
 19 including alleged denial of any financing. Dealers and lenders may only

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02356-01-5

 S. 7654 2

 1 demand the vehicle be returned for reasons of non-payment by the buyer.
 2 Dealers cannot make an exception to this provision with another contract
 3 or document."
 4 5-b. Every retail installment contract shall separately itemize each
 5 of the following:
 6 (a) the price paid for the motor vehicle;
 7 (b) the price of each option, add-on and additional charge relating to
 8 the sale of the motor vehicle;
 9 (c) all fees imposed by a lender upon the dealer or buyer related to
 10 financing the purchase of the motor vehicle;
 11 (d) the total price of the motor vehicle including all charges imposed
 12 pursuant to paragraphs (a), (b) and (c) of this subdivision.
 13 § 3. The vehicle and traffic law is amended by adding two new sections
 14 417-d and 417-e to read as follows:
 15 § 417-d. Credit applications for purchase of motor vehicles. 1. Every
 16 dealer which applies for or grants eligibility for the provision of
 17