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S03237 Summary:

Amd §303, Pers Prop L
Limits the amount of certain credit service charges in motor vehicle retail installment contracts.
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S03237 Text:

                STATE OF NEW YORK
                               2021-2022 Regular Sessions
                    IN SENATE
                                    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:
     1    Section  1. Subdivision 1 of section 303 of the personal property law,
     2  as amended by chapter 641 of the laws of 1984, is  amended  to  read  as
     3  follows:
     4    1.  A retail seller may contract for in a retail [instalment] install-
     5  ment contract and charge, receive and collect the credit service  charge
     6  authorized by this article at [the rate or rates agreed to by the retail
     7  seller  and  the  buyer]  a  rate  not to exceed sixteen dollars per one
     8  hundred dollars per annum.
     9    The credit service charge authorized  by  this  subdivision  shall  be
    10  computed  on  an amount equal to the total of the difference between the
    11  cash sale price of the motor vehicle and the amount of the buyer's  down
    12  payment  and the amount of official fees, and such charge may be made on
    13  the amount included in the contract for insurance  as  determined  under
    14  subdivision six of section three hundred two of this [chapter] article.
    15    §  2.  This  act shall take effect on the thirtieth day after it shall
    16  have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
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