Information for Automobile Broker Businesses

Effective June 16, 2018, Chapter 477 of the Laws of 2017 and Chapter 28 of the Laws of 2018 amend Article 35-B of the General Business Law and Article 16 of the Vehicle and Traffic Law to establish some new requirements for automobile broker businesses.

The most significant changes to the laws are as follows:

  • All automobile broker businesses must be registered.
    • (§736-a of the General Business Law)
    • (§415(3-a) and (6) of the Vehicle and Traffic Law)

  • The definition of “automobile broker business” is amended to include (among other changes) automobile leases as well as purchases.
    • (§736 of the General Business Law)

  • All automobile broker businesses must obtain and continue in effect a surety bond in the amount of $100,000, an increase from the previously required amount of $75,000.
    • (§740-a of the General Business Law)

 

To apply

If you are currently engaged in business as an automobile broker business, prior to June 16, 2018 you must

  • obtain the appropriate surety bond and submit it to the NY Department of State (DOS). DMV does not require a copy of the bond; however, the broker should keep a copy for their records. 
  • submit a properly completed Automobile Broker Business Application (pdf) (VS-1AB)
    • include payment of the required fees (check made payable to the Commissioner of Motor Vehicles)

Fees

  • 2-year registration fee: $450.00
  • Application fee: $37.50

 

Send to

Vehicle Safety Services
Application Unit
6 Empire State Plaza, Room 220
Albany, NY 12228-0001

 

 

For your convenience, many DMV PDF forms can be filled in online and then printed.