Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 06, 2016 |
print number 5476a |
Jun 06, 2016 |
amend (t) and recommit to judiciary |
Jan 06, 2016 |
referred to judiciary |
May 14, 2015 |
referred to judiciary |
Senate Bill S5476A
2015-2016 Legislative Session
Sponsored By
(D) 14th Senate District
Archive: Last Bill Status - In Senate Committee Judiciary Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Bill Amendments
2015-S5476 - Details
2015-S5476 - Sponsor Memo
BILL NUMBER:S5476 TITLE OF BILL: An act to amend the personal property law, in relation to enacting the "rent to own fair practices act"; and to repeal certain provisions of such law relating thereto PURPOSE: To improve protections afforded to consumers in rental purchase agreements. SUMMARY OF PROVISIONS: Section 1 titles this act as the "rent to own fair practices act" Section 2 amends section 500 of the personal property law by amending the definition of "cash price" and defining "trade area" and "fair market value" Section 3 amends section 501 to increase font size on disclosures, removing weekends and holidays from counting toward nonpayment time frame, strengthening the right of reinstatement, and providing for judicial review of disputes relating to rental purchase agreements.
2015-S5476 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5476 2015-2016 Regular Sessions I N S E N A T E May 14, 2015 ___________ Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the personal property law, in relation to enacting the "rent to own fair practices act"; and to repeal certain provisions of such law relating thereto THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. This act shall be known and may be cited as the "rent to own fair practices act". S 2. Subdivision 2 of section 500 of the personal property law, as amended by chapter 309 of the laws of 2010, is amended and two new subdivisions 14 and 15 are added to read as follows: 2. "Cash price" means the price [of] AT WHICH the merchandise [described in the rental-purchase agreement that the consumer may pay in cash to the merchant at the inception], OR MERCHANDISE OF SUBSTANTIALLY THE SAME KIND, QUALITY, OR QUANTITY, IS OFFERED FOR SALE AT THE FAIR MARKET VALUE BY A REASONABLE NUMBER OF MERCHANTS IN THE TRADE AREA DURING THE SIXTY DAYS PRIOR TO THE DATE of the rental-purchase agreement [to acquire ownership of such merchandise]. 14. "TRADE AREA" MEANS THE GEOGRAPHICAL AREA IN WHICH THE MERCHANT SOLICITS OR MAKES RENTAL-PURCHASE AGREEMENTS. 15. "FAIR MARKET VALUE" MEANS THE PRICE THAT A SELLER IS WILLING TO ACCEPT AND A BUYER IS WILLING TO PAY ON THE OPEN MARKET AND IN AN ARM'S LENGTH TRANSACTION. S 3. Subdivision 2, paragraph (e) of subdivision 3, subdivisions 4 and 6 and paragraph (a) of subdivision 8 of section 501 of the personal property law, subdivisions 2 and 4 and paragraph (e) of subdivision 3 as added by chapter 792 of the laws of 1986, subdivision 6 as amended and paragraph (a) of subdivision 8 as added by chapter 309 of the laws of 2010, are amended to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10752-02-5
2015-S5476A (ACTIVE) - Details
2015-S5476A (ACTIVE) - Sponsor Memo
BILL NUMBER: S5476A TITLE OF BILL : An act to amend the personal property law, in relation to rental-purchase agreement forms PURPOSE : To improve protections afforded to consumers in rental purchase agreements. SUMMARY OF PROVISIONS : Section 1 titles this act as the "rent to own fair practices act." Section 2 amends section 501 to increase font size on disclosures and removes weekends and holidays from counting toward nonpayment time frame. JUSTIFICATION : In 2010, the state of New York amended the laws relating to rental purchase agreements in an effort to provide for reasonable price controls in order to ensure that consumers pay reasonable prices, while allowing the rent-to-own industry to continue to offer its unique product in New York state. Unfortunately, the changes failed to fully correct the definition.
2015-S5476A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5476--A 2015-2016 Regular Sessions I N S E N A T E May 14, 2015 ___________ Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary -- recommitted to the Committee on Judiciary in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the personal property law, in relation to rental-pur- chase agreement forms THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2, paragraph (e) of subdivision 3, and subdi- vision 4 of section 501 of the personal property law, as added by chap- ter 792 of the laws of 1986, are amended to read as follows: 2. Disclosures required by this section must be printed or typed in each rental-purchase agreement in a size equal to at least [ten-point] TWELVE-POINT bold-faced type. (e) requiring the payment of a late charge or reinstatement fee unless a periodic payment is delinquent for more than three days for agreements that are renewed on week by week terms and seven days for agreements that are renewed on month by month terms[,]; PROVIDED, HOWEVER, THAT NEITHER SATURDAYS, SUNDAYS, NOR FEDERALLY-RECOGNIZED HOLIDAYS DURING WHICH THE UNITED STATES POSTAL SERVICE IS NOT OPEN TO THE PUBLIC SHALL COUNT TOWARD THE THREE OR SEVEN DAY TOTALS, and the charge or fee is in an amount not more than the greater of ten percent of the delinquent amount or three dollars for agreements that are renewed on week by week terms and not more than the greater of ten percent of the delinquent amount or five dollars for agreements that are renewed on month by month terms. In the event that multiple items are leased to a consumer pursu- ant to more than one rental-purchase agreement, any late fee imposed pursuant to this section shall not exceed ten percent of the total of the periodic payments that are delinquent. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10752-03-6
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