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History
- Referred to rules
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to guaranteed asset protection waivers in motor vehicle leasing and installment sales
In Assembly Committee · Judiciary · Sponsor Joseph Morelle
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S8219
Title of bill
An act to amend the personal property law, in relation to motor vehicle leasing and installment sales
Purpose or general idea of bill
To provide for a waiver of debt for those who suffer unrecovered theft or total loss of personal property.
Summary of specific provisions
Section one of the bill adds the price of a guaranteed asset protection waivers as one of the items that can be included in the "cash sale price".
Section two and four of the bill provides consumers the option of a guaranteed asset protection waiver in sales and leases of personal property.
Section three and five define and provides, restrictions and disclosures, similar to that of insurance providers, on the providers of guaranteed asset protection waivers.
Justification
Currently, New Yorkers are restricted to a limited selection of asset protection providers. As a result, New York consumers have few choices in the types of protection they can access. This is due, in part, to the arbitrary cap placed on, the amount for which such products may be sold, creating a disincentive for new underwriters and carriers to enter the market and compete for business. Removing the cap will facilitate competition among asset protection providers enabling them to be more flexible with the products they offer. More flexibility will result in a greater selection of higher quality products better suited to meet a consumer's particular needs. Furthermore, as competition increases the price affixed to asset protection products will decrease, potentially lowering the fee below the current statutory cap for a better product than what is now available.
The addition of this competition could have a downward effect on insurance. premiums as another avenue is established by this bill by which consumers can be covered for loss. The competition with insurance products will facilitate this reduction in premiums and further encourage the enhancement the quality of the insurance policies.
Prior legislative history
None.
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.