An automobile broker business shall provide a disclosure at the time such automobile broker business takes an order to search for a leased vehicle meeting the prospective lessee’s specifications. Such disclosure shall provide the amount of any fees, commissions or other valuable consideration the automobile broker business expects to receive, if known, from a dealer, lessor or any other person or entity for any assistance the automobile broker business provides in effecting the lease transaction. If the amount of any such fees, commissions or other valuable consideration the automobile broker business expects to receive is unknown at the time of the required disclosure, the automobile broker business shall disclose: (a) whether it has a contract with any dealer, lessor or any other person or entity for the provision of assistance in effecting a lease transaction; and (b) whether the automobile broker business may be compensated by the dealer, lessor or any other person or entity for any assistance in effecting such lease transaction.
Terms Used In N.Y. General Business Law 741-B
- Automobile broker business: means any person who, for a fee, commission or other valuable consideration, regardless of whether such fee, commission, or consideration is paid directly by a consumer, offers to provide, provides, or represents that he or she will provide a service of purchasing, arranging, assisting, facilitating or effecting the purchase or lease of an automobile as agent, broker, or intermediary for a consumer. See N.Y. General Business Law 736
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Person: includes an individual, corporation, partnership, joint venture, or any other business entity. See N.Y. General Business Law 736