Loading chat...
NY A05225
Bill
Status
2/12/2025
Primary Sponsor
Jonathan Jacobson
Click for details
AI Summary
-
Requires retail motor vehicle dealers to disclose to purchasers at the time of sale any price markups related to financing agreements, including retail installment contracts and loan agreements
-
Authorizes the Department of Motor Vehicles to suspend or revoke a dealer's registration for failure to disclose financing markups
-
Grants aggrieved purchasers the right to recover compensatory damages equal to the undisclosed financing markup, plus reasonable attorney's fees
-
Directs the Financial Frauds and Consumer Protection Unit to study motor vehicle dealer price markup patterns and practices, including potential race discrimination
-
Requires the study's findings and recommendations to be submitted to the Governor, legislative leaders, and chairs of the Senate and Assembly banks committees
-
Takes effect on January 1st following enactment
Legislative Description
Requires motor vehicle dealers to disclose price markups to the purchasers of motor vehicles; provides failure to so disclose shall be grounds for revocation of the dealer's registration and imposes civil liability to purchasers for damages; authorizes the financial frauds and consumer protection unit of the department of financial services to study problematic practices in the price markups of motor vehicle dealers.
Last Action
referred to transportation
1/7/2026