Assembly Bill A1125

2023-2024 Legislative Session

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

download bill text pdf

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Current 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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2023-A1125 (ACTIVE) - Details

See Senate Version of this Bill:
S5847
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
2017-2018: A3096, S5276
2019-2020: A3898, S2258
2021-2022: A6127, S1614

2023-A1125 (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.

2023-A1125 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1125
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 13, 2023
                                ___________
 
 Introduced by M. of A. JACOBSON -- read once and referred to the Commit-
   tee 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-b to read as follows:
   3-B.  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.
                                                            LBD03147-01-3
 A. 1125                             2

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