New York A05188 mandates that motor vehicle lease contracts include provisions for the lessee's financial liability and the amount they will receive.

New York A05188 amends the personal property law to require motor vehicle lease contracts to include specific provisions. These provisions must detail the lessee's financial liability and the amount the lessee will receive if they return the vehicle with fewer miles than agreed. The amount must be at least equivalent to the charge for the unused mileage. This act applies to all leases entered into, renewed, modified, or amended after its effective date.

New York A05188 mandates that motor vehicle lease contracts include provisions for the lessee's financial liability and the amount they will receive.

New York A05188 amends the personal property law to require motor vehicle lease contracts to include specific provisions. These provisions must detail the lessee's financial liability and the amount the lessee will receive if they return the vehicle with fewer miles than agreed. The amount must be at least equivalent to the charge for the unused mileage. This act applies to all leases entered into, renewed, modified, or amended after its effective date.