Bill Text: NY S02849 | 2021-2022 | General Assembly | Amended
Bill Title: Restricts the repossession of motor vehicles and mobile homes for certain persons suffering financial hardship as a result of the COVID-19 pandemic until the expiration of the restrictions on business and places of public accommodation in the county of the buyer under executive order 202 of 2020, or December 31, 2021, whichever is later.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2022-01-05 - REFERRED TO CONSUMER PROTECTION [S02849 Detail]
Download: New_York-2021-S02849-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 2849--B 2021-2022 Regular Sessions IN SENATE January 26, 2021 ___________ Introduced by Sens. THOMAS, MAYER -- read twice and ordered printed, and when printed to be committed to the Committee on Consumer Protection -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT in relation to restricting the repossession of motor vehicles and mobile homes for persons suffering financial hardship as a result of the COVID-19 pandemic The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. For the purposes of this act, the following terms shall 2 have the following meanings: 3 1. "Covered period" means March 7, 2020 until the later of December 4 31, 2021 or date on which none of the provisions that closed or other- 5 wise restricted public or private businesses or places of public accom- 6 modation, or required postponement or cancellation of all non-essential 7 gatherings of individuals of any size for any reason in Executive Orders 8 202.3, 202.4, 202.5, 202.6, 202.7, 202.8, 202.9, 202.10, 202.11, 202.12, 9 202.13, 202.15, as extended by Executive Orders 202.28 and 202.31 and as 10 further extended by any future Executive Order, issued in response to 11 the COVID-19 pandemic, continue to apply in the county of the qualified 12 buyer's residence. 13 2. "Qualified buyer" means an individual (a) whose primary residence 14 is located in New York and is encumbered by a vehicle-secured credit 15 obligation, or (b) whose primary vehicle is used for transportation to 16 work, school, or medical appointments and is encumbered by a vehicle-se- 17 cured credit obligation. 18 3. "Holder of a retail instalment contract" shall have the same mean- 19 ing as set forth in section 301 of the personal property law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08682-04-1S. 2849--B 2 1 4. "Financial hardship" means (a) significant loss of household income 2 during the COVID-19 pandemic; 3 (b) increase in necessary out-of-pocket expenses related to performing 4 essential work or related to health impacts during the COVID-19 pandem- 5 ic; 6 (c) childcare responsibilities or responsibilities to care for an 7 elderly, disabled, or sick family member during the COVID-19 pandemic 8 have negatively affected the ability of holder of a retail instalment 9 contract to obtain meaningful employment or earn income or increased 10 necessary out-of-pocket expenses; or 11 (d) other circumstances related to the COVID-19 pandemic have nega- 12 tively affected the ability to obtain meaningful employment or earn 13 income or have significantly reduced household income or significantly 14 increased expenses; and public assistance, including unemployment insur- 15 ance, pandemic unemployment assistance, disability insurance, or paid 16 family leave, does not fully make up for lost household income or 17 increased expenses. 18 5. "Vehicle-secured credit obligation" means either a loan for 19 personal, family, or household purposes that is secured by a mobile home 20 or motor vehicle; or a retail instalment contract as defined in section 21 301 of the personal property law. 22 § 2. 1. Notwithstanding any provision of law to the contrary, no cred- 23 itor, or seller of a motor vehicle subject to a retail instalment 24 contract shall repossess or otherwise take possession of a mobile home 25 or motor vehicle of a qualified buyer for the duration of the covered 26 period for failure of the qualified buyer to make payments if such 27 person is experiencing financial hardship related to the COVID-19 public 28 health emergency and is unable to make a loan or other agreed on payment 29 for a vehicle-secured credit obligation. 30 2. A qualified buyer who is experiencing financial hardship as defined 31 in this act shall make a written declaration to that fact and provide 32 such declaration to the holder of a vehicle-secured credit obligation. A 33 holder of a vehicle-secured credit obligation may request a qualified 34 buyer submit a written declaration of hardship every 3 months. 35 3. No holder of a vehicle-secured credit obligation shall report any 36 new adverse information that is a result of the COVID-19 public health 37 emergency to any consumer reporting agency. 38 4. No holder of a vehicle-secured credit obligation shall assess any 39 fees, penalties or additional interest on any vehicle-secured credit 40 obligation for the duration of the covered period. 41 5. Upon expiration of the covered period, no holder of a vehicle-se- 42 cured credit obligation shall require a lump sum payment or assess any 43 fees, penalties or additional interest on any vehicle-secured credit 44 obligation owed for the duration of the covered period. A holder of a 45 vehicle-secured credit obligation shall shift the missed payments to the 46 end of the scheduled term. 47 § 3. This act shall take effect immediately.
