NY A05506

Establishes clear definitions for vehicle repossession, including "collateral" (motor vehicle or motorcycle being repossessed), "repossessor," and when "repossession is complete" (entry gained, vehicle connected to tow truck, vehicle moved, or control gained)

Creates a new violation prohibiting interference with the transport of repossessed vehicles to storage facilities, auctions, or dealers once repossession is complete

Sets a fine of up to $250 for interfering with a completed vehicle repossession

Maintains existing requirements that repossessors must notify police immediately after repossession and deliver notice and license plates to the motor vehicle office within 24 hours of the tenth day following repossession

Takes effect 180 days after becoming law