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A05311 Summary:

BILL NO	A05311
SAME AS	No Same As
SPONSOR	Dinowitz
COSPNSR
MLTSPNSR
Amd §302, Pers Prop L
Limits loan assignee liability with regard to motor vehicle retail installment contracts.

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A05311 Actions:

BILL NO	A05311
02/07/2017	referred to consumer affairs and protection
02/09/2017	enacting clause stricken

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A05311 Committee Votes:

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A05311 Floor Votes:

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A05311 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5311
 
                               2017-2018 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 7, 2017
                                       ___________
 
        Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
          tee on Consumer Affairs and Protection
 
        AN ACT to amend the personal property law, in relation to loan assignees
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 9 of section 302 of the personal property  law,
     2  as  amended  by  chapter  643 of the laws of 1978, is amended to read as
     3  follows:
     4    9. (a) No retail instalment contract shall contain  any  provision  by
     5  which  the  buyer  agrees  not  to assert against an assignee a claim or
     6  defense arising out of the sale or require or entail  the  execution  of
     7  any  note  or series of notes, which when separately negotiated will cut
     8  off as to third parties any right of action or defense which  the  buyer
     9  may  have  against  the  seller.  The  assignee  of a retail installment
    10  contract or obligation shall be subject to all claims  and  defenses  of
    11  the  buyer  against the seller arising from the sale notwithstanding any
    12  agreement to the contrary,  but  the  assignee's  liability  under  this
    13  subdivision  shall  not  exceed  the amount owing to the assignee at the
    14  time the claim or defense is asserted against the assignee.
    15    (b) Limitations on assignee liability referred to in paragraph (a)  of
    16  this  subdivision  shall be exclusive of any reasonable costs and attor-
    17  ney's fees the court may award.
    18    § 2. This act shall take effect on the first of January next  succeed-
    19  ing the date on which it shall have become a law.
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03767-01-7

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