A 5188: Requires motor vehicle lease contracts to include provisions related to the accumulation of mileage, specifically the amount a lessee will receive back if such lessee does not accumulate all miles that were allotted for the term of the lease.

  
  STATE OF NEW YORK ________________________________________________________________________ 5188 2025-2026 Regular Sessions  IN ASSEMBLY February 12, 2025 ___________ Introduced by M. of A. NOVAKHOV -- read once and referred to the Commit- tee on Consumer Affairs and Protection AN ACT to amend the personal property law, in relation to requiring motor vehicle lease contracts to include provisions related to the accumulation of mileage The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraphs (l) and (l) of subdivision 5 of section 337 of 2 the personal property law, paragraph (l) as amended by chapter 140 of 3 the laws of 1995 and as relettered by chapter 246 of the laws of 2019 4 and paragraph (l) as added by chapter 607 of the laws of 2019, are 5 amended and a new paragraph (n) is added to read as follows: 6 (l) In the case of an agreement which does not obligate the lessee 7 upon a total loss of the vehicle occasioned by its theft or physical 8 damage for any of the items specified in paragraphs (e) and (f) of 9 subdivision one of section three hundred forty-one of this article, a 10 conspicuous notice that the lessee has no such obligation[.]; 11 [(l)] (m) The liability of the lessee in the case of a total loss of 12 the vehicle or the vehicle is rendered inoperable. Disclosure of liabil- 13 ity pursuant to this paragraph shall include the financial liability of 14 the lessee and the lessor's rules, policies and procedures in the event 15 the car is declared a total loss or rendered inoperable during the term 16 of the lease[.]; 17 (n) An amount a lessee will receive if such lessee returns the vehicle 18 at the end of the lease term accumulating less miles than were fixed for 19 such lease term, provided that such amount shall be, at a minimum, 20 equivalent to the amount charged for additional mileage accumulated at 21 the end of such lease term. 22 § 2. This act shall take effect immediately, and shall apply to all 23 leases entered into, renewed, modified or amended on and after such 24 effective date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08969-01-5