Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 24, 2016 |
reported referred to codes |
Jan 06, 2016 |
referred to consumer affairs and protection |
Jun 09, 2015 |
print number 7930a |
Jun 09, 2015 |
amend (t) and recommit to consumer affairs and protection |
Jun 01, 2015 |
referred to consumer affairs and protection |
Assembly Bill A7930A
2015-2016 Legislative Session
Sponsored By
DINOWITZ
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
Bill Amendments
2015-A7930 - Details
2015-A7930 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7930 2015-2016 Regular Sessions I N A S S E M B L Y June 1, 2015 ___________ Introduced by M. of A. DINOWITZ -- read once and referred to the Commit- tee on Consumer Affairs and 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
2015-A7930A (ACTIVE) - Details
2015-A7930A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7930--A 2015-2016 Regular Sessions I N A S S E M B L Y June 1, 2015 ___________ Introduced by M. of A. DINOWITZ -- read once and referred to the Commit- tee on Consumer Affairs and Protection -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee 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. LBD10906-05-5
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