§ 2-106 Financing Disclosures.
RCNY § 2-106
(a)To comply with § 20-268.1(e)(2) of the Administrative Code, each second-hand automobile dealer must provide to each consumer the financing disclosure shown below on a paper no less than 8.5 inches by 11 inches in dimension in the language in which the sales or finance contract was negotiated, provided the commissioner has made such disclosure available in such language. {Click here to view the referenced financing disclosure or follow this link: https://www1.nyc.gov/site/dca/businesses/forms.page#car} (b) To comply with § 20-268.1(e)(4) of the Administrative Code, a second-hand automobile dealer must retain a copy of each financing disclosure shown in subdivision (a), along with a written acknowledgement that the consumer received the disclosure, for a period of no less than 6 years. The written acknowledgement requirement is satisfied by obtaining the consumer's written signature or initials on the disclosure document.
(c)It is a violation of § 20-268.1(f) of the Administrative Code for a second-hand automobile dealer to attempt to have a consumer waive any of the protections set forth in § 20-268.1. Each attempt shall constitute a separate and independent violation.
(d)It is a violation of § 20-268.3 of the Administrative Code for a second-hand automobile dealer to provide inaccurate translations of documents to a consumer. Each inaccurate document provided to a consumer shall constitute a separate and independent violation. (Added City Record 5/25/2018, eff. 6/24/2018)
