Limits the amount of certain credit service charges in motor vehicle retail installment contracts.

New York S05213 amends the personal property law to restrict the credit service charge that a retail seller can charge in a motor vehicle retail installment contract to a maximum of sixteen dollars per one hundred dollars per annum. This charge is computed based on the difference between the cash sale price of the vehicle and the buyer's down payment, along with any official fees. The bill aims to protect consumers by capping these charges.

Limits the amount of certain credit service charges in motor vehicle retail installment contracts.

New York S05213 amends the personal property law to restrict the credit service charge that a retail seller can charge in a motor vehicle retail installment contract to a maximum of sixteen dollars per one hundred dollars per annum. This charge is computed based on the difference between the cash sale price of the vehicle and the buyer's down payment, along with any official fees. The bill aims to protect consumers by capping these charges.