What's happening
This bill requires all vehicle leases in New York to clearly itemize and detail all costs owed by the lessee at lease termination.
Why it matters
Promotes transparency for consumers. By requiring all end-of-lease costs to be clearly listed, the bill helps lessees avoid unexpected charges and better understand their financial obligations when a lease ends.
Reduces potential for disputes. Clear itemization of costs can minimize misunderstandings or conflicts between consumers and dealers over what is owed at lease termination.
Empowers consumers to compare offers. With standardized, detailed disclosures, shoppers can more easily compare lease agreements from different dealerships, promoting competition and possibly leading to better deals.
Enhances consumer protection in vehicle leasing. The law addresses a common area of complaint in auto leasing, providing additional safeguards for people unfamiliar with lease-end practices or vulnerable to hidden fees.
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Who cares
Headline styles
Require Lease Cost Transparency
Plain English, a few words. Used as the page title.
Sponsors
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History
- Referred to consumer affairs and protection
- Referred to consumer affairs and protection
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3423
2019-2020 Regular Sessions
IN ASSEMBLY
January 29, 2019
Introduced by M. of A. PRETLOW -- read once and referred to the Committee on Consumer Affairs and Protection
AN ACT to amend the general business law, in relation to lease vehicle protections
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 396-z of the general business law is amended by adding a new subdivision 17 to read as follows:
17. Every lease shall itemize and set forth in detail all costs required to be paid by the lessee or purchaser of the rental vehicle upon termination of such lease.
§ 2. This act shall take effect on the thirtieth day after it shall have become a law; provided, however, that subdivision 17 of section 396-z of the general business law, as added by section one of this act, shall survive the expiration and reversion of such section as provided in subdivision (a) of section 4 of chapter 109 of the laws of 2018.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04544-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.