Assembly Bill A3096

2017-2018 Legislative Session

Requires motor vehicle dealers to disclose price markups to the purchasers of motor vehicles

download bill text pdf

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Archive: Last Bill Status - In Assembly 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

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2017-A3096 (ACTIVE) - Details

See Senate Version of this Bill:
S5276
Current Committee:
Assembly Transportation
Law Section:
Vehicle and Traffic Law
Laws Affected:
Amd §415, V & T L; amd §404, Fin Serv L
Versions Introduced in Other Legislative Sessions:
2015-2016: A7985, S5491
2019-2020: A3898, S2258
2021-2022: A6127, S1614
2023-2024: A1125, S5847

2017-A3096 (ACTIVE) - Summary

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.

2017-A3096 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3096
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2017
                                ___________
 
 Introduced  by  M.  of  A.  DenDEKKER  --  read once and referred 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:
 
   Section  1.  Section  415 of the vehicle and traffic law is amended by
 adding a new subdivision 3-a to read as follows:
   3-A. RETAIL DEALER FINANCING MARKUP.  A.  EVERY  RETAIL  DEALER  SHALL
 DISCLOSE  TO EACH PURCHASER OF A MOTOR VEHICLE, AT THE TIME OF SALE, ANY
 MARKUPS IN THE COST OF SUCH MOTOR VEHICLE RELATED TO THE  ENTRY  INTO  A
 RETAIL INSTALLMENT CONTRACT, LOAN AGREEMENT OR OTHER FINANCING AGREEMENT
 FOR  THE  VEHICLE PURSUANT TO ARTICLE NINE OF THE PERSONAL PROPERTY LAW.
 THE FAILURE OF ANY RETAIL DEALER TO COMPLY WITH THE PROVISIONS  OF  THIS
 PARAGRAPH  SHALL  BE GROUNDS FOR THE DEPARTMENT TO SUSPEND OR REVOKE THE
 REGISTRATION ISSUED TO SUCH DEALER PURSUANT TO THIS SECTION.
   B. UPON VIOLATION OF THE PROVISIONS OF PARAGRAPH A  OF  THIS  SUBDIVI-
 SION,  AN  AGGRIEVED PURCHASER SHALL BE ENTITLED TO COMPENSATORY DAMAGES
 EQUAL TO THE FINANCING MARKUP, AND REASONABLE ATTORNEY'S FEES.
   § 2. Section 404 of the financial services law is amended by adding  a
 new subsection (d) to read as follows:
   (D)(1) THE FINANCIAL FRAUDS AND CONSUMER PROTECTION UNIT IS AUTHORIZED
 TO  CONDUCT A STUDY OF THE PATTERNS AND PRACTICES OF MOTOR VEHICLE PRICE
 MARKUPS BY MOTOR  VEHICLE  DEALERS  TO  IDENTIFY  PROBLEMATIC  PRACTICES
 INCLUDING, BUT NOT LIMITED TO, RACE DISCRIMINATION, AND MAKE RECOMMENDA-
 TIONS FOR THE ELIMINATION OF SUCH PROBLEMATIC PRACTICES.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08578-01-7

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