Please note that there has been a revision made to the LAW®553-NY(4P)3/22 contract as well as the LAW®553-NY-B-A3/22. The new form numbers are LAW®553-NY(4P)9/24 and LAW®553-NY-B-A9/24.
New York City revised its complaint disclosure applicable to used car sales. We updated the disclosure to reflect the new language.
As a result of user requests and to continually update and increase acceptance of our LAW 553 contracts, we made the following changes to our 553 contracts in New York:
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Added Cell and Email fields to the Buyer and Co-Buyer boxes
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We made additions, deletions and revisions of language in the following sections on the back of the contract:
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5. – Added a new sentence at the beginning and 2 additional sentences to the end of the section
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7. – Added new section as NEGATIVE CREDIT REPORT NOTICE
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Made several additions, deletions, and revisions to the ARBITRATION PROVISION language on the B-A contract version
New programming will be required for the new revision. The standard and B-A versions will not line up the same as each other for programming purposes.
Inventory for the new product will be available by July 12, 2024. Dealers should begin using the new contract on September 1, 2024.
The Spanish translations have also been updated and will be available by July 14, 2024.
The Bankers Systems® brand Motor Vehicle Retail Installment Sale Contracts are NOT impacted by the above changes and therefore will NOT be revised.