Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2024 |
referred to transportation |
Mar 20, 2023 |
referred to transportation |
Senate Bill S5847
2023-2024 Legislative Session
Sponsored By
(D) 10th Senate District
Current Bill Status - In Senate Committee Transportation 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
2023-S5847 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A1125
- Current Committee:
- Senate 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:
S5491, A7985
2017-2018: S5276, A3096
2019-2020: S2258, A3898
2021-2022: S1614, A6127
2023-S5847 (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-S5847 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5847 SPONSOR: SANDERS TITLE OF BILL: 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 thereof; and to amend the financial services law, in relation to authorizing the financial frauds and consumer protection unit to study motor vehicle dealer price markups PURPOSE: This bill requires auto dealers to disclose any financing markups to consumers. It also allows the Department of Motor Vehicles to take corrective action in the event that a dealership does not comply, and allows consumers an avenue of recovery if the dealership does not disclose this markup. This bill also authorizes the Financial Frauds and Consumer protection Unit of the Department of Financial Services to conduct a study on race impacts in auto dealer financing markups and to make recommendations regarding the elimination of practices that cause markups to have a race-based impact.
2023-S5847 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5847 2023-2024 Regular Sessions I N S E N A T E March 20, 2023 ___________ 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: 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 S. 5847 2
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