330 – Short Title.
§ 330. Short title. This article may be cited as the “Motor Vehicle Retail Leasing Act”.
331 – Definitions.
§ 331. Definitions. In this article, unless the context or subject matter otherwise requires: 1. “Motor vehicle” or “vehicle” means any device propelled or drawn by any power other than muscular power, upon or by which any person or property is or may be transported or drawn upon a public highway, road or street. The […]
332 – Rebate or Discount for Information or Assistance in Lease or Sale of Motor Vehicle.
§ 332. Rebate or discount for information or assistance in lease or sale of motor vehicle. No lessor shall induce or attempt to induce any person to enter into an agreement subject to this article by offering a subsequent rebate, discount, commission or other consideration, on the condition that the lessee provide information or assistance […]
333 – Pre-Lease Availability of Sample Form of Agreement.
§ 333. Pre-lease availability of sample form of agreement. 1. The lessor of a motor vehicle shall make a blank sample copy of its current form of retail lease agreement readily available for examination by prospective lessees by: (a) Furnishing it upon request prior to the consummation of a retail lease transaction; and (b) Posting […]
334 – Payment or Trade-in Pending Execution of Lease Agreement; Refund or Return Upon Non-Execution.
§ 334. Payment or trade-in pending execution of lease agreement; refund or return upon non-execution. 1. Any payment made by cash, check or similar means to a lessor pending the execution of a retail lease agreement shall be refunded to the lessee in the event the lease agreement is not executed. Any refund required by […]
335 – Total Loss Notice and Waiver of the Gap Amount.
§ 335. Total loss notice and waiver of the gap amount. 1. If the retail lease agreement provides that the lessee shall be responsible upon a total loss of the vehicle occasioned by its theft, confiscation or physical damage for the gap amount, the lessor, prior to the execution of the agreement, shall by a […]
336 – Business Purpose Statement.
§ 336. Business purpose statement. 1. A preprinted or typewritten affirmation or other provision indicating that a vehicle is being leased primarily for agricultural, business or commercial use shall be inadmissible in evidence in any trial, hearing, action or proceeding on behalf of a lessor or holder unless the affirmation or other provision is printed […]
337 – Requirements as to Retail Lease Agreements.
§ 337. Requirements as to retail lease agreements. 1. A retail lease agreement shall be in a writing and, except as otherwise provided in subdivision two of section three hundred forty-five of this article, signed contemporaneously by the lessor and the lessee. Except as provided in sections three hundred thirty-five and three hundred thirty-six of […]
338 – Security Interest Prohibited.
§ 338. Security interest prohibited. 1. No retail lease agreement, or any other agreement executed by the lessee in connection therewith, shall provide for the creation of a security interest in any personal or real property of the lessee to secure the payment of the debt arising from the lease. This prohibition shall not apply […]
339 – Notice of Lessee’s Reinstatement Rights.
§ 339. Notice of lessee’s reinstatement rights. After a lessee has been in default for ten days solely by reason of his or her failure to make timely rental payments, the holder of any retail lease agreement shall mail or personally deliver to the lessee at his or her last known address a written notice […]
340 – Establishment of Realized Value at Lease Termination When Purchase Option Not Exercised; Notice of Intention to Sell Motor Vehicle.
§ 340. Establishment of realized value at lease termination when purchase option not exercised; notice of intention to sell motor vehicle. 1. If an agreement is terminated early and there is no option to purchase the vehicle or the lessee does not exercise any option he or she may have to purchase the vehicle, or […]
341 – Restriction on Early Termination Liability.
§ 341. Restriction on early termination liability. 1. If an agreement is terminated early and there is no option to purchase the vehicle or the lessee does not exercise any option he or she may have to purchase the vehicle, the early termination obligation of the lessee may not exceed an amount equal to the […]
342 – Restriction on the Reporting of Early Terminations.
§ 342. Restriction on the reporting of early terminations. The holder of a retail lease agreement shall not report the voluntary early termination of the agreement to a consumer reporting agency or any other person as a derogatory item of information unless the lessee fails to satisfy his or her early termination obligations.
343 – Assessment of Excess Wear and Damage to the Vehicle.
§ 343. Assessment of excess wear and damage to the vehicle. 1. (a) Upon the scheduled termination of a retail lease agreement, the holder shall not charge, receive or collect a charge for excess wear and damage to the vehicle which exceeds: (i) the actual cost of repairs, reduced by all discounts, paid by the […]
344 – Cancellation of Agreement.
§ 344. Cancellation of agreement. After the payment of all sums for which the lessee is obligated under a retail lease agreement, and upon written demand made by the lessee, the holder of such agreement shall mail to the lessee at his or her last known address good and sufficient documentation to indicate payment in […]
345 – Renegotiations and Extensions.
§ 345. Renegotiations and extensions. 1. A renegotiation is a new lease which is subject to the disclosure requirements of section three hundred thirty-seven of this article. 2. The disclosure requirements of section three hundred thirty-seven of this article are not applicable to any extension of a retail lease agreement. An extension of a retail […]
346 – Penalties.
§ 346. Penalties. 1. A lessee who has suffered a loss due to a violation of any provision of this article by a lessor or holder is entitled to recover his or her actual damages from the lessor or holder. 2. Any lessor who fails to refund any payment made pending the execution of a […]
347 – Liability of Assignees.
§ 347. Liability of assignees. Except where the assignment is involuntary or as otherwise specifically provided in this article, any civil action for a violation of this article which may be brought against a lessor may be maintained against any subsequent assignee of the lessor only if the violation for which the action or proceeding […]
348 – Transactions Subject to Article by Agreement.
§ 348. Transactions subject to article by agreement. Parties to a motor vehicle lease agreement that is not a retail lease agreement, as defined in subdivision five of section three hundred thirty-one of this article, because the vehicle is not being leased by a natural person primarily for personal, family or household use may agree […]
349 – Applicability of Certain Provisions Hereof to Retail Lease of a Motor Vehicle for Any Use.
§ 349. Applicability of certain provisions hereof to retail lease of a motor vehicle for any use. The provisions of subdivision one of section three hundred thirty-five, section three hundred thirty-six and subdivision eleven of section three hundred thirty-seven of this article shall apply to a retail lease of a single motor vehicle for any […]