Please note that there has been a revision made to the LAW®553-NY(4P)9/24 and LAW®553-NY-B-A9/24 contracts. The new form numbers are LAW®553-NY(4P)1/27 and LAW®553-NY-B-A1/27.
We made the following changes to the contracts, based on user requests and to continually improve our contract acceptance:
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NY allows for a “reasonable” late charge; therefore, we removed the hard coded Late Charge amounts to be completed by programming
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Updated the Itemization of Amount Financed to allow for two trade-in vehicles and payoff amounts
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Added the Automobile Broker Business Disclosure box
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Added an Electronic Tracking Access Authorization disclosure with signatures
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Removed reference to Prepaid Finance Charge from section 3.b.
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Added and revised language within the Arbitration Provision (as we did in CA)
New programming may be required for the new revision. The standard and ARB versions will not line up the same as each other for programming purposes.
Inventory for the new preprint product will be available by November 16, 2026. Dealers should begin using the new contract by January 1, 2027.
The electronic and laser versions (e, ea, eps and eps-14) of the NY contracts will also be revised to reflect the same changes and should be used by January 1.
The LAW-ARB (stand-alone arbitration agreement) has been revised to correspond with the changes in the 553-NY-B-A Arbitration Provision. If you utilize the LAW-ARB form, you should now order the LAW-ARB10/26 revision for use in New York.
The Bankers Systems®brand Motor Vehicle Retail Installment Sale Contracts will also be revised and announced in a separate message.