New York S 5213: Limits the amount of certain credit service charges in motor vehicle retail installment contracts

Bill Text

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S05213 Summary:

BILL NOS05213 

&nbsp

SAME ASSAME AS A08423

&nbsp

SPONSORSANDERS

&nbsp

COSPNSRCLEARE, JACKSON

&nbsp

MLTSPNSR

&nbsp

Amd §303, Pers Prop L

&nbsp

Limits the amount of certain credit service charges in motor vehicle retail installment contracts.

Go to top S05213 Actions:

BILL NOS05213 

&nbsp

02/19/2025REFERRED TO CONSUMER PROTECTION

01/07/2026REFERRED TO CONSUMER PROTECTION

Go to topS05213 Committee&nbspVotes:

Go to topS05213 Floor&nbspVotes:

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

Go to topS05213 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5213

 2025-2026 Regular Sessions

 IN SENATE

 February 19, 2025
 ___________

 Introduced by Sens. SANDERS, CLEARE, JACKSON -- read twice and ordered
 printed, and when printed to be committed to the Committee on Consumer
 Protection

 AN ACT to amend the personal property law, in relation to limiting the
 amount of certain credit service charges in motor vehicle retail
 installment contracts

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

 1 Section 1. Subdivision 1 of section 303 of the personal property law,
 2 as amended by chapter 641 of the laws of 1984, is amended to read as
 3 follows:
 4 1. A retail seller may contract for in a retail [instalment] install-
 5 ment contract and charge, receive and collect the credit service charge
 6 authorized by this article at [the rate or rates agreed to by the retail
 7 seller and the buyer] a rate not to exceed sixteen dollars per one
 8 hundred dollars per annum.
 9 The credit service charge authorized by this subdivision shall be
 10 computed on an amount equal to the total of the difference between the
 11 cash sale price of the motor vehicle and the amount of the buyer's down
 12 payment and the amount of official fees, and such charge may be made on
 13 the amount included in the contract for insurance as determined under
 14 subdivision six of section three hundred two of this [chapter] article.
 15 § 2. This act shall take effect on the thirtieth day after it shall
 16 have become a law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06190-01-5

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