•  Summary 
  •  
  •  Actions 
  •  
  •  Committee Votes 
  •  
  •  Floor Votes 
  •  
  •  Memo 
  •  
  •  Text 
  •  
  •  LFIN 
  •  
  •  Chamber Video/Transcript 

A07297 Summary:

BILL NOA07297
 
SAME ASNo Same As
 
SPONSORNovakhov
 
COSPNSR
 
MLTSPNSR
 
Amd 337, Pers Prop L
 
Requires motor vehicle lease contracts to include provisions related to the accumulation of mileage, specifically the amount a lessee will receive back if such lessee does not accumulate all miles that were allotted for the term of the lease.
Go to top

A07297 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A7297
 
SPONSOR: Novakhov
  TITLE OF BILL: An act to amend the personal property law, in relation to requiring motor vehicle lease contracts to include provisions related to the accu- mulation of mileage   PURPOSE: To require that automobile leasing companies issue a refund to a lessee in the event that the lessee returns a leased vehicle after having used fewer miles than were allowed by the original lease agreement.   SUMMARY OF PROVISIONS: Section 1 of the bill amends subdivision 5 of Section 337 of the Personal Property law, by adding a new subdivision (n) which clarifies that a vehicle lessee returning a leased vehicle having used fewer that the allowed miles is to be offered an amount equal to that which the lessee would have been charged should the lessee have used mileage in excess of that permitted by the lease. Section 2 of the bill provides the effective date.   JUSTIFICATION: As a general rule, an automobile lease will allow a lessee to drive the leased vehicle for a set number of miles. Such a lease agreement will also usually specify an additional charge per mile to be levied should the lessee drive the vehicle for more than its allotted miles. This is not unreasonable, given that the additional miles add additional wear and tear on the vehicle while also reducing its resale value. By the same token, however, it is only fair to offer a similar rebate to the lessee when he or she drives the vehicle for fewer miles than originally provided for, given the reduced wear and tear on the vehicle and corre- sponding increase in the value of that vehicle.   LEGISLATIVE HISTORY: New Bill   FISCAL IMPLICATIONS: None   EFFECTIVE DATE: This act shall take effect immediately.
Go to top