§ 741-B — Disclosure

New York § 741-B

• Jurisdiction: New York
• Law GBS: General Business
• Art. 35-B: Automobile Broker Business

Text

§ 741-b. Disclosure. An automobile broker business shall provide a\ndisclosure at the time such automobile broker business takes an order to\nsearch for a leased or purchased vehicle meeting the prospective\nlessee's specifications. Such disclosure shall provide the amount of any\nfees, commissions or other valuable consideration the automobile broker\nbusiness expects to receive, if known, from a dealer, lessor or any\nother person or entity for any assistance the automobile broker business\nprovides in effecting the lease or purchase transaction. If the amount\nof any such fees, commissions or other valuable consideration the\nautomobile broker business expects to receive is unknown at the time of\nthe required disclosure, the automobile broker business shall disclose:\n(a) whether it has a contract with any dealer, lessor or any other\nperson or entity for the provision of assistance in effecting a lease or\npurchase transaction; (b) that the automobile broker business shall be\ncompensated by the dealer, lessor or any other person or entity for any\nassistance in effecting such lease transaction; and (c) that the amount\nof any such fees, commissions or other valuable consideration the\nautomobile broker business receives, whether from the dealer or the\nbuyer of the automobile, shall be disclosed on the executed lease or\npurchase contract or finance agreement pursuant to section three hundred\ntwo or three hundred thirty-seven of the personal property law.\n