Legislation
SECTION 741-B
Disclosure
General Business (GBS) CHAPTER 20, ARTICLE 35-B
§ 741-b. Disclosure. An automobile broker business shall provide a
disclosure at the time such automobile broker business takes an order to
search for a leased vehicle meeting the prospective lessee's
specifications. Such disclosure shall provide the amount of any fees,
commissions or other valuable consideration the automobile broker
business expects to receive, if known, from a dealer, lessor or any
other person or entity for any assistance the automobile broker business
provides in effecting the lease transaction. If the amount of any such
fees, commissions or other valuable consideration the automobile broker
business expects to receive is unknown at the time of the required
disclosure, the automobile broker business shall disclose: (a) whether
it has a contract with any dealer, lessor or any other person or entity
for the provision of assistance in effecting a lease transaction; and
(b) whether the automobile broker business may be compensated by the
dealer, lessor or any other person or entity for any assistance in
effecting such lease transaction.
disclosure at the time such automobile broker business takes an order to
search for a leased vehicle meeting the prospective lessee's
specifications. Such disclosure shall provide the amount of any fees,
commissions or other valuable consideration the automobile broker
business expects to receive, if known, from a dealer, lessor or any
other person or entity for any assistance the automobile broker business
provides in effecting the lease transaction. If the amount of any such
fees, commissions or other valuable consideration the automobile broker
business expects to receive is unknown at the time of the required
disclosure, the automobile broker business shall disclose: (a) whether
it has a contract with any dealer, lessor or any other person or entity
for the provision of assistance in effecting a lease transaction; and
(b) whether the automobile broker business may be compensated by the
dealer, lessor or any other person or entity for any assistance in
effecting such lease transaction.