2023 New York Laws › GBS - General Business › Article 35-B - Automobile Broker Business › 738 - Contracts; Requirements and Contents.

§ 738. Contracts; requirements and contents. 1. Every contract between
a  consumer  and  an  automobile  broker business for the purchase of an
automobile shall be in writing, shall be dated, shall contain the street
address of the automobile broker business and the consumer and shall  be
signed  by  the  consumer  and  by the automobile broker business. Every
contract shall comply with the requirements set forth  in  this  section
and contain the following:
(a)  A complete description of the automobile and each option, if any,
ordered;  a  statement  of  whether  the  automobile  is  or   will   be
manufactured  in  accordance with United States specifications and is or
will be certified by the manufacturer as such; if the automobile is  not
or  will not be manufactured in accordance with United States safety and
environmental  specifications,  and  the  consumer  has   retained   the
automobile  broker  business  to  arrange  for  the  modification of the
automobile to meet such specifications, the name and street  address  of
the modification facility and a statement in immediate proximity to such
information  that  the automobile broker business assumes full financial
responsibility that the automobile will be properly modified to meet all
United States safety and environmental specifications.
(b) The price of the automobile including any options ordered. If  the
price  set  forth  is  an  estimated  price,  a  statement  in immediate
proximity to the price that the price is an  estimated  price  only  and
that  the consumer has the right to cancel the contract and to receive a
full refund if the final price exceeds the estimated price by more  than
five percent.
(c)  The  estimated  delivery  date of the automobile and the place of
delivery and  a  statement  in  immediate  proximity  to  the  estimated
delivery  date  that,  if  the  automobile  has  not  been  delivered in
accordance with the contract within thirty days following such estimated
delivery date, the consumer has the right to cancel the contract and  to
receive  a  full refund, unless the delay in delivery is attributable to
the consumer.
(d)  A  statement  of  whether  or  not  the  manufacturer's  warranty
accompanying  the  automobile  is the same warranty as that furnished to
purchasers of that make automobile from an authorized dealer located  in
the United States.
(e)  A  description  of  any  other services and an itemization of the
charges for each. Such  description  shall  include  disclosure  of  the
automobile  dealer  from  which the automobile was purchased, as well as
all fees, commissions  or  other  valuable  considerations  paid  by  an
automobile  dealer  to  the  automobile  broker  business  for  selling,
arranging, assisting or effecting the sale of an  automobile  as  agent,
broker, or intermediary between the consumer and the automobile dealer.
(f)  If a consumer elects to cancel the contract pursuant to paragraph
(b) or (c) of this subdivision, he or she shall notify  in  writing  the
automobile broker business at the address specified in the contract. The
automobile  broker  business  shall  make  a full refund to the consumer
within ten business days following receipt of the request for a  refund.
The  contract  shall  contain  a statement, setting forth the consumer's
right to cancel the contract  under  paragraphs  (b)  and  (c)  of  this
subdivision   and  the  refund  obligations  of  the  automobile  broker
business.
(g) The statements required by paragraphs (a), (b), (c),  and  (f)  of
this subdivision shall be printed in at least ten point bold type.
2. The contract shall be accompanied by a completed form in duplicate,
captioned  "Notice  of  Cancellation"  which  shall  be  attached to the
contract and easily detachable, and which shall contain in at least  ten
point type the following:
"Notice of Cancellation"
"You  may  cancel  this contract, without any penalty or obligation,
within three days from the date that a copy of an executed  contract  is
received by you.
To cancel this  contract,  mail or  deliver a  signed and dated copy
of this cancellation notice, or any other written notice, to
 
(__________________________________) at (________________________)
 name of automobile broker business            address
 
not  later  than  midnight  of the third day following your receipt of a
signed contract.
 
I hereby cancel this transaction."
_________________________________
signature of consumer)
_________________________
(date)
3. An automobile broker business shall deliver to the consumer or mail
to him or her at the address shown on the  contract,  an  executed  copy
thereof.
4.  An  automobile  broker  business  in any transaction involving the
lease of a vehicle shall provide the retail lessee with a  retail  lease
agreement  as  provided for in section three hundred thirty-seven of the
personal property law. The automobile broker  shall  provide  a  written
disclosure  of  the amount of any fee, commission or other consideration
paid or expected to be paid by  the  lessor  to  the  automobile  broker
business  in  connection  with  a  transaction  involving the lease of a
vehicle. Such disclosure shall be  signed  by  the  retail  lessee.  The
automobile broker business shall provide the retail lessee with a signed
copy  of  such  disclosure  together  with  the  retail  lease agreement
referenced herein.