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Who cares
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Sponsors
No co-sponsors yet.
History
- Recommit, enacting clause stricken
- Referred to insurance
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4230
Title of bill
An act to amend the insurance law, in relation to the filing of wholesale fees by certain suppliers of service contracts with the superintendent of financial services
Purpose
This legislation relates to the filing of wholesale fees by certain suppliers of service contracts with the superintendent of financial services.
Summary of provisions
Section 1: Amends subsection (a) of section 7903 of the insurance law, as amended by chapter 409 of the laws of 2012.
Section 2: Effective Date
Justification
Chapter 409 of the Laws of 2012 was signed into law to allow small local paintless dent repair businesses to offer services contracts. This legislation also requires the submission of retail rates, which must be filed with DFS 30 days prior to charging these prices to consumers. Small businesses have found this extremely difficult to do since they must compete with major service contract providers for auto dealer space on Finance and Insurance menus and dealers will place the products on the menu that perform the best. If PDU and glass are the only products with price limits the dealer will not put them on the menu. Because the law requires small businesses to file the ultimate price, they are also accountable if one dealer strays from the service contract agreement which unfairly puts them in a position to police the auto dealers. No other state requires the filing of the retail price prior to sale. If the intent of the bill is truly to protect consumers the service contract provider should only have to file the wholesale price.
Legislative history
New Bill
Fiscal implications
None
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.