What's happening
This bill requires motor vehicle lease agreements to clearly disclose lessee liability and lessor policies if the vehicle is totaled or rendered inoperable.
Why it matters
Protects consumers from surprise costs. By requiring clear disclosure of a lessee’s financial liability if a leased vehicle is totaled or made inoperable, this bill helps consumers avoid unexpected, potentially large bills at the end of a traumatic event like an accident or theft.
Promotes transparency and informed decision-making. Lessees will now have access to the lessor’s specific rules and procedures in these situations, allowing them to better understand and compare lease offers and insurance needs before signing.
Applies to new and modified leases. The requirements don’t just affect new leases, but also any lease that is renewed, modified, or amended after the law goes into effect, ensuring broad consumer protection moving forward.
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Who cares
Headline styles
Disclose Lease Loss Liability
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Substituted by S5859B
- Ordered to third reading rules cal.379
- Rules report cal.379
- Reported
- Reported referred to rules
- Print number 6748a
- Amend and recommit to consumer affairs and protection
- Referred to consumer affairs and protection
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.
Disclose Lease Accident Liability
Signed by Governor · Sponsor Kevin Thomas
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6748--A
2019-2020 Regular Sessions
IN ASSEMBLY
March 18, 2019
Introduced by M. of A. BUCHWALD -- read once and referred to the Committee on Consumer Affairs and Protection -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee
AN ACT to amend the personal property law, in relation to the disclosure of liability of a motor vehicle lessee in the case of a total loss or the vehicle is rendered inoperable
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 5 of section 337 of the personal property law is amended by adding a new paragraph (l) to read as follows:
(l) The liability of the lessee in the case of a total loss of the vehicle or the vehicle is rendered inoperable. Disclosure of liability pursuant to this paragraph shall include the financial liability of the lessee and the lessor's rules, policies and procedures in the event the car is declared a total loss or rendered inoperable during the term of the lease.
§ 2. This act shall take effect immediately, and shall apply to all leases entered into, renewed, modified or amended on and after such effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10318-04-9
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.