Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 05, 2022 |
referred to consumer protection |
Jan 28, 2021 |
referred to consumer protection |
Senate Bill S3237
2021-2022 Legislative Session
Sponsored By
(D) 10th Senate District
Archive: Last Bill Status - In Senate Committee Consumer Protection Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
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- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
(D) 30th Senate District
(D, WF) 31st Senate District
2021-S3237 (ACTIVE) - Details
2021-S3237 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3237 SPONSOR: SANDERS TITLE OF BILL: 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 PURPOSE OR GENERAL IDEA OF BILL: This bill would cap the amount of a credit service charge that can be imposed on motor vehicle retail installment contracts to 16% annually. SUMMARY OF PROVISIONS: Section one of the bill amends the personal property law, as it relates to limiting the credit service charge on motor vehicle retail install- ment contracts to no more than sixteen dollars per hundred dollars per year.
2021-S3237 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3237 2021-2022 Regular Sessions I N S E N A T E January 28, 2021 ___________ Introduced by Sen. SANDERS -- 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: Section 1. Subdivision 1 of section 303 of the personal property law, as amended by chapter 641 of the laws of 1984, is amended to read as follows: 1. A retail seller may contract for in a retail [instalment] INSTALL- MENT contract and charge, receive and collect the credit service charge authorized by this article at [the rate or rates agreed to by the retail seller and the buyer] A RATE NOT TO EXCEED SIXTEEN DOLLARS PER ONE HUNDRED DOLLARS PER ANNUM. The credit service charge authorized by this subdivision shall be computed on an amount equal to the total of the difference between the cash sale price of the motor vehicle and the amount of the buyer's down payment and the amount of official fees, and such charge may be made on the amount included in the contract for insurance as determined under subdivision six of section three hundred two of this [chapter] ARTICLE. § 2. This act shall take effect on the thirtieth day after it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04372-01-1
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