Authorizes service charges for gap waivers

This bill allows car dealers or lenders to charge a service fee (up to $750) when offering to waive a buyer's liability for the "gap" between a vehicle's loan balance and its actual value after a total loss (e.g., from theft or accident). It directly affects car buyers in New York who purchase vehicles under retail installment contracts, as it sets the maximum allowable fee for this waiver option. The fee must be added to the cost of the required gap insurance coverage, and the total charge cannot exceed that combined amount. The bill amends existing insurance and personal property laws to clarify these terms and limits.