Effective June 18, 2026, New York will be updating wording around general requirements to obtain a limited license for residents and nonresidents.

• To obtain a rental vehicle company, peer-to-peer car sharing program administrator, wireless communications equipment vendor, or self-service storage company limited license, an applicant must:
• A limited licensee must not advertise, represent, or hold itself out as a licensed insurance agent or broker.  This restriction also applies to the licensee's employees.
• At every location where rental vehicle, wireless communication equipment, or self-service storage agreements are executed, written materials must be readily available to the consumer, and with regard to a peer-to-peer car sharing program administrator, the administrator must provide written materials that:
• Clearly summarize the material terms of coverage; 
• Identify the insurer;
• If wireless communications equipment insurance, identify the licensed agent; 
• Disclose that these policies may duplicate coverage already provided under the renter's auto, homeowner's, personal liability insurance, or other source of coverage;
• State that purchase of the insurance is not required; 
• Describe the claim-filing process; 
• Contain any other information on price, benefits, exclusions, conditions, or other limitations as required by the Superintendent; 
• Disclose that employees at the location are not qualified or authorized to evaluate the adequacy of the purchaser's existing coverage, unless otherwise licensed; and 
• State that the insurance may be cancelled at any time and any unearned premium will be refunded in compliance with applicable law.
• A limited licensee must comply with all other licensing provisions.  However, a limited licensee need not treat premiums from renters in a fiduciary capacity if: premiums from renting motor vehicles, sharing a shared vehicle, purchasing or leasing wireless communications equipment, or renting storage space in a fiduciary capacity if: 
• The insurer consents in writing that premiums need not be segregated from the money received for vehicle rental, peer-to-peer car sharing, storage space rental, or wireless communication equipment rental or purchase; and 
• The charges for insurance are itemized but not billed separately from the charges for vehicle rental, shared vehicles, storage space rental, or wireless communication equipment purchase or lease.

For more information, please use the following link https://legiscan.com/NY/bill/S05941/2025

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