New York § 890 - 890Auto equity promotion prohibited
Full text of New York New York Consolidated Laws § 890 — 890Auto equity promotion prohibited, with citation guidance and answers to common questions.
§ 890. 890Auto equity promotion prohibited
§ 890. Auto equity promotion prohibited. 1. No person shall engage in the business of auto equity promotion. A person engages in the business of auto equity promotion, as used in this article, provided all of the following conditions are met: (A) The motor vehicle is subject to an outstanding lease contract, retail installment contract or security agreement the terms of which prohibit or prohibit without permission of the lessor, seller or secured party, the sublease, sale, transfer or assignment of any right or interest in the motor vehicle or any right or interest under the lease contract, retail installment contract, or security agreement by the lessee, buyer or debtor. (B) The person is not a party to the lease contract, retail installment contract or security agreement. (C) The person subleases, sells, transfers or assigns, or purports to sublease, sell, transfer, or assign, any right or interest in the motor vehicle or under the lease contract, retail installment contract or security agreement, to any person who is not a party to the lease contract, retail installment contract or security agreement. (D) The person does not obtain, prior to the sublease, sale, transfer or assignment described in paragraph (C) of this subdivision, written consent to the sublease, sale, transfer or assignment from the motor vehicle's lessor, seller or secured party. (E) The person receives compensation or some other consideration for the sublease, sale, transfer or assignment as described in paragraph (C) of this subdivision. 2. A person also engages in the business of auto equity promotion when such person is not a party to the lease contract, retail installment contract or security agreement, and assists, facilitates, solicits, causes or arranges the actual or purported sublease, sale, transfer or assignment as described in subdivision one of this section. 3. For purposes of this section, the term "person" means any natural person, corporation, sole proprietorship, business, trust, partnership, incorporated or unincorporated association, estate, co-operative or any other legal entity.
Frequently Asked Questions About New York § 890
What does New York Consolidated Laws § 890 cover?
Section 890 ("890Auto equity promotion prohibited") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 890?
A common citation format is "New York Consolidated Laws § 890" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 890 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.