GOVERNOR CUOMO SIGNS LEGISLATION TO PROHIBIT THE LEASING OF COMPANION ANIMALS
Predatory Lending Practice Preys on Low-Income Consumers
Ensures Companion Pets Won't Be Used as Security by Pet Dealers
Governor Andrew M. Cuomo today signed legislation (S.7415C/A.10082B) to prohibit the leasing of companion animals in New York. The practice of leasing companion animals has resulted in balloon payments and predatory interest rates that lower income pet owners cannot afford. As a result, pets are repossessed, traumatizing both owners and their pets. The amended law will prohibit the use of a dog or a cat as security for payments in contracts and financing agreements with pet dealers.
"As I've learned firsthand, pets quickly become members of your family, and it is unconscionable that there are unscrupulous sellers who would use pets as collateral," Governor Cuomo said. "I'm proud to sign this legislation that will end this predatory practice once and for all."
Bill Ketzer, Senior Director of State Legislation for the ASPCA, Northeast Region, said, "The ASPCA has long warned consumers to be skeptical of pet stores and online sellers who may deceive them about the sources and health of the dogs they sell, and pet leasing is yet another example of the disregard retail pet sellers can have for the well-being of their animals. These deceptive, predatory financing arrangements benefit only the lending company and the pet seller - not the consumer, and certainly not the animal involved. We are grateful to Governor Cuomo for his continued leadership in animal welfare and protection by prohibiting this practice once and for all."