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NY S07654
Bill
Status
4/25/2025
Primary Sponsor
Siela Bynoe
Click for details
AI Summary
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Grants the Superintendent of Financial Services authority to oversee and regulate financing of new and used motor vehicles and dealer transactions with consumers in New York
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Requires retail installment contracts to include a 12-point type disclosure stating that conditional deliveries are prohibited and buyers who sign contracts and take possession become owners who cannot be forced to return vehicles except for non-payment
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Mandates itemized disclosure in contracts of the vehicle price, each option/add-on charge, all lender fees, and the total price including all charges
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Requires dealers to review and confirm all credit application information with applicants, with both parties signing to attest accuracy before submission; non-compliant dealers must allow buyers to void the sale within 30 days and refund all costs including financing charges and trade-in value
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Prohibits conditional deliveries of motor vehicles, requiring all sale terms to be fully disclosed in writing and signed before delivery, with dealers required to maintain records for at least seven years
Legislative Description
Authorizes the superintendent of financial services to oversee and regulate car dealer transactions with consumers; requires motor vehicle retail installment contracts to include an itemized listing of all costs related to the purchase of a motor vehicle and disclosure of the prohibition of conditional delivery; requires motor vehicle dealers to provide credit applicants with copies of all credit application documents; prohibits the conditional delivery of a motor vehicle.
Last Action
REFERRED TO BANKS
1/7/2026