§ 343. Assessment of excess wear and damage to the vehicle. 1. (a)\nUpon the scheduled termination of a retail lease agreement, the holder\nshall not charge, receive or collect a charge for excess wear and damage\nto the vehicle which exceeds: (i) the actual cost of repairs, reduced by\nall discounts, paid by the holder; or (ii) a true itemized estimate of\nthe cost of such repairs by an appraiser licensed pursuant to section\nthree hundred ninety-eight-d of the vehicle and traffic law selected by\nthe holder, of the cost of such repairs.\n (b) Upon early termination of a retail lease agreement, the holder\nshall not charge, receive or collect a charge for excess wear and damage\nto the vehicle which exceeds the actual costs of repairs, reduced by all\ndiscounts, paid by the holder.\n 2. In order for a holder to impose a charge for excess wear and damage\nto a vehicle subject to a retail lease agreement, such agreement shall\ncontain a clause describing the excess wear and damage to the vehicle\nfor which the lessee may be liable. Such holder shall, not more than\nforty days nor less than twenty days prior to the scheduled termination\ndate, or, not more than ten business days after the date of an early\ntermination of a lease agreement, mail or deliver to the lessee a notice\nadvising the lessee of the following rights and obligations of the\nparties, herein granted and imposed:\n (a) Such notice shall include the following statement, as set forth\nherein, at the beginning of the notice in at least ten-point bold type:\n "YOUR LEASE AGREEMENT ALLOWS (HOLDER) TO ASSESS A\n CHARGE FOR EXCESS WEAR AND DAMAGE TO THE VEHICLE.\n YOU SHOULD OBTAIN YOUR OWN EVIDENCE OF THE CURRENT\n CONDITION OF THE VEHICLE NOT MORE THAN TWENTY (20)\n DAYS PRIOR TO THE SCHEDULED TERMINATION OF YOUR\n LEASE. YOU ALSO WILL HAVE THE RIGHT TO SUBMIT\n DISPUTES TO THE ALTERNATE ARBITRATION MECHANISM\n ESTABLISHED UNDER REGULATIONS PROMULGATED BY THE NEW\n YORK STATE ATTORNEY GENERAL."\n (b) In the case of a scheduled termination, of the lessee's right to\nturn the vehicle in with a copy of an itemized appraisal of excess wear\nand damage to the vehicle prepared by an appraiser licensed under\nsection three hundred ninety-eight-d of the vehicle and traffic law,\nselected by the lessee and conducted not more than twenty days prior to\nthe scheduled termination date;\n (c) Of the right of the holder to, within thirty days after the date\non which the vehicle comes into the actual physical possession of the\nholder, obtain a written itemized appraisal of excessive wear and damage\nto the vehicle prepared by an appraiser licensed under section three\nhundred ninety-eight-d of the vehicle and traffic law selected by the\nholder;\n (d) That if the lessee had not previously obtained and submitted to\nthe holder a written itemized appraisal on the lessee's own behalf in\naccordance with paragraph (b) of this subdivision, the lessee will have\nthe greater of ten business days after the lessee has received or\nfourteen business days to do so after the holder has sent, in\nconformance with subdivision three of this section, an itemized bill for\nexcess wear and damage and a copy of the itemized appraisal prepared on\nbehalf of the holder, unless the lessee does not dispute any of the\nitems contained therein. In the case where the holder bases the charge\nfor excess wear and damage on the actual cost of repairs, the notice\nshall also inform the lessee that should the lessee fail to obtain an\nitemized written appraisal, he or she is entitled to dispute only\nwhether any items claimed exist and/or are excess wear and damage to the\nvehicle, but not the actual cost of making the repairs;\n (e) That if the lessee disputes that any of the items claimed for\nexcess wear and damage to the vehicle exist or are excessive in nature,\nthe lessee may submit the dispute within sixty days of
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