New York S05312 amends insurance and personal property laws to authorize service charges for gap waivers.
New York S05312 amends the insurance law and personal property law to authorize service charges for gap waivers. It allows lessors or creditors to charge lessees or debtors for gap waivers, provided the charge does not exceed the cost of the insurance. The bill also permits the inclusion of these charges in retail installment contract payments and capitalized costs. The act takes effect 30 days after becoming law.
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