Section 741-B - [Effective 6/19/2025] DisclosureAn automobile broker business shall provide a disclosure at the time such automobile broker business takes an order to search for a leased or purchased vehicle meeting the prospective lessee's specifications. Such disclosure shall provide the amount of any fees, commissions or other valuable consideration the automobile broker business expects to receive, if known, from a dealer, lessor or any other person or entity for any assistance the automobile broker business provides in effecting the lease or purchase transaction. If the amount of any such fees, commissions or other valuable consideration the automobile broker business expects to receive is unknown at the time of the required disclosure, the automobile broker business shall disclose:
(a) whether it has a contract with any dealer, lessor or any other person or entity for the provision of assistance in effecting a lease or purchase transaction; (b) that the automobile broker business shall be compensated by the dealer, lessor or any other person or entity for any assistance in effecting such lease transaction; and (c) that the amount of any such fees, commissions or other valuable consideration the automobile broker business receives, whether from the dealer or the buyer of the automobile, shall be disclosed on the executed lease or purchase contract or finance agreement pursuant to section three hundred two or three hundred thirty-seven of the personal property law.N.Y. Gen. Bus. Law § 741-B
Amended by New York Laws 2024, ch. 610,Sec. 9, eff. 6/19/2025.Added by New York Laws 2018, ch. 28,Sec. 4, eff. 6/16/2018.This section is set out more than once due to postponed, multiple, or conflicting amendments.