Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 24, 2016 |
referred to codes delivered to assembly passed senate |
May 16, 2016 |
ordered to third reading cal.845 committee discharged and committed to rules |
Jan 06, 2016 |
referred to consumer protection returned to senate died in assembly |
Jun 15, 2015 |
referred to consumer affairs and protection delivered to assembly passed senate ordered to third reading cal.1570 committee discharged and committed to rules |
Jun 09, 2015 |
print number 5506a |
Jun 09, 2015 |
amend (t) and recommit to consumer protection |
May 14, 2015 |
referred to consumer protection |
Senate Bill S5506A
2015-2016 Legislative Session
Sponsored By
(D, IP) Senate District
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
co-Sponsors
(D) Senate District
2015-S5506 - Details
2015-S5506 - Sponsor Memo
BILL NUMBER:S5506 TITLE OF BILL: An act to amend the personal property law, in relation to holders in due course and loan assignees; and to amend the financial services law, in relation to authorizing the superintendent of financial services to promulgate regulations governing motor vehicle retail installment contracts PURPOSE: This bill slightly increases liability on loan assignees in automobile financing transactions and holders in due course in automobile financing transactions by providing that plaintiffs who prevail in cases against assignees in automobile transactions and holders in due course in auto- mobile transactions may be entitled to attorney's fees exclusive of caps on assignee and holder in due course liability. This bill also holds assignees in automobile financing transactions and holders in due course in automobile financing transactions jointly and severally liable with dealerships in instances where these parties have knowledge of fraud in motor vehicle transactions and do not attempt to mitigate the plaintiff's damages in such cases. This bill also empowers the super- intendent of the Department of Financial Services to regulate retail installment contracts.
2015-S5506 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5506 2015-2016 Regular Sessions I N S E N A T E May 14, 2015 ___________ Introduced by Sens. SAVINO, KLEIN -- read twice and ordered printed, and when printed to be committed to the Committee on Consumer Protection AN ACT to amend the personal property law, in relation to holders in due course and loan assignees; and to amend the financial services law, in relation to authorizing the superintendent of financial services to promulgate regulations governing motor vehicle retail installment contracts THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 9 of section 302 of the personal property law, as amended by chapter 643 of the laws of 1978, is amended to read as follows: 9. (A) No retail instalment contract shall contain any provision by which the buyer agrees not to assert against an assignee a claim or defense arising out of the sale or require or entail the execution of any note or series of notes, which when separately negotiated will cut off as to third parties any right of action or defense which the buyer may have against the seller. The assignee of a retail installment contract or obligation shall be subject to all claims and defenses of the buyer against the seller arising from the sale notwithstanding any agreement to the contrary, but the assignee's liability under this subdivision shall not exceed the amount owing to the assignee at the time the claim or defense is asserted against the assignee. (B) LIMITATIONS ON ASSIGNEE LIABILITY AND LIABILITY FOR HOLDERS IN DUE COURSE SHALL BE EXCLUSIVE OF ANY REASONABLE COSTS AND ATTORNEY'S FEES ALLOWED UNDER ANY FEDERAL OR STATE CONSUMER PROTECTION STATUTE. A COURT MAY AWARD REASONABLE ATTORNEY'S FEES TO PREVAILING PLAINTIFFS IN CASES AGAINST LOAN ASSIGNEES AND HOLDERS IN DUE COURSE. (C) IN CASES WHERE LENDERS ARE AWARE OF FRAUD IN A MOTOR VEHICLE FINANCING TRANSACTION, AND DO NOT TAKE ACTION TO MITIGATE THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10906-03-5
co-Sponsors
(D) Senate District
2015-S5506A (ACTIVE) - Details
2015-S5506A (ACTIVE) - Sponsor Memo
BILL NUMBER: S5506A TITLE OF BILL : An act to amend the personal property law, in relation to loan assignees PURPOSE : This bill slightly increases liability on loan assignees in automobile financing transactions by providing that plaintiffs who prevail in cases against assignees in automobile transactions may be entitled to attorney's fees exclusive of caps on assignee liability, at the court's discretion. SUMMARY OF PROVISIONS : Section 1: Amends Subdivision 9 of section 302 of the personal property law to specify that attorney's fees are exclusive of any cap on suits against loan assignees, and authorizes courts to award attorney's fees in these cases to prevailing plaintiffs. Section 2: This act shall take effect on the first of January next succeeding the date on which it shall have become a law. EXISTING LAW : Under current law, assignees generally have their liability capped to
2015-S5506A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5506--A 2015-2016 Regular Sessions I N S E N A T E May 14, 2015 ___________ Introduced by Sens. SAVINO, KLEIN -- read twice and ordered printed, and when printed to be committed to the Committee on Consumer 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 loan assignees THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 9 of section 302 of the personal property law, as amended by chapter 643 of the laws of 1978, is amended to read as follows: 9. (A) No retail instalment contract shall contain any provision by which the buyer agrees not to assert against an assignee a claim or defense arising out of the sale or require or entail the execution of any note or series of notes, which when separately negotiated will cut off as to third parties any right of action or defense which the buyer may have against the seller. The assignee of a retail installment contract or obligation shall be subject to all claims and defenses of the buyer against the seller arising from the sale notwithstanding any agreement to the contrary, but the assignee's liability under this subdivision shall not exceed the amount owing to the assignee at the time the claim or defense is asserted against the assignee. (B) LIMITATIONS ON ASSIGNEE LIABILITY REFERRED TO IN PARAGRAPH (A) OF THIS SUBDIVISION SHALL BE EXCLUSIVE OF ANY REASONABLE COSTS AND ATTOR- NEY'S FEES THE COURT MAY AWARD. S 2. This act shall take effect on the first of January next succeed- ing the date on which it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10906-04-5
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