New York S 6543: Requires motor vehicle dealers to disclose price markups to the purchasers of motor vehicles

Bill Text

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S06543 Summary:

BILL NOS06543 

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SAME ASSAME AS A05225

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SPONSORSANDERS

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COSPNSR

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MLTSPNSR

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Amd §415, V & T L; amd §404, Fin Serv L

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Requires 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.

Go to top S06543 Actions:

BILL NOS06543 

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03/17/2025REFERRED TO TRANSPORTATION

01/07/2026REFERRED TO TRANSPORTATION

Go to topS06543 Committee&nbspVotes:

Go to topS06543 Floor&nbspVotes:

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

Go to topS06543 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6543

 2025-2026 Regular Sessions

 IN SENATE

 March 17, 2025
 ___________

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

 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 there-
 of; and to amend the financial services law, in relation to authoriz-
 ing the financial frauds and consumer protection unit to study motor
 vehicle dealer price markups

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

 1 Section 1. Section 415 of the vehicle and traffic law is amended by
 2 adding a new subdivision 3-b to read as follows:
 3 3-b. Retail dealer financing markup. a. Every retail dealer shall
 4 disclose to each purchaser of a motor vehicle, at the time of sale, any
 5 markups in the cost of such motor vehicle related to the entry into a
 6 retail installment contract, loan agreement or other financing agreement
 7 for the vehicle pursuant to article nine of the personal property law.
 8 The failure of any retail dealer to comply with the provisions of this
 9 paragraph shall be grounds for the department to suspend or revoke the
 10 registration issued to such dealer pursuant to this section.
 11 b. Upon violation of the provisions of paragraph a of this subdivi-
 12 sion, an aggrieved purchaser shall be entitled to compensatory damages
 13 equal to the financing markup, and reasonable attorney's fees.
 14 § 2. Section 404 of the financial services law is amended by adding a
 15 new subsection (d) to read as follows:
 16 (d)(1) The financial frauds and consumer protection unit is authorized
 17 to conduct a study of the patterns and practices of motor vehicle price
 18 markups by motor vehicle dealers to identify problematic practices
 19 including, but not limited to, race discrimination, and make recommenda-
 20 tions for the elimination of such problematic practices.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04637-01-5

 S. 6543 2

 1 (2) The financial frauds and consumer protection unit shall submit the
 2 findings and recommendations of its study, conducted pursuant to para-
 3 graph one of this subsection, to the governor, the temporary president
 4 of the senate, the speaker of the assembly, and the chairs of the senate
 5 and assembly banks committees.
 6 § 3. This act shall take effect on the first of January next succeed-
 7 ing the date on which it shall have become a law.

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