NY A03706

Allows creditors and assignees to add a service charge on top of the cost of gap waiver coverage when selling gap insurance protection to vehicle buyers or lessees

Permits the service charge plus waiver cost to be included in the calculation of payments due under retail installment contracts for vehicle purchases

Caps the service charge at $750 for new or used motor vehicles subject to retail installment contracts

Authorizes payment of the service charge to either the creditor/assignee or to a motor vehicle dealer registered in New York state

Takes effect 30 days after becoming law