506 – Exempted Transactions.
§ 506. Exempted transactions. This article does not apply to: 1. Agreements for the rental of merchandise in which the person who rents the merchandise has no legal right to become the owner of the property at the end of the rental period; 2. A lease of a safe deposit box; and 3. Retail installment […]
507 – Enforcement.
§ 507. Enforcement. 1. A consumer who has suffered a loss due to a violation of this article by a merchant is entitled to recover from the merchant actual damages, reasonable attorney’s fees and court costs. 2. Whenever a court finds that a consumer has been injured because a merchant acted in bad faith in […]
508 – Administration by the Attorney General.
§ 508. Administration by the attorney general. The attorney general may make rules and regulations necessary for the administration of this article; provided, however, that such rules and regulations shall not attempt to regulate or characterize rental-purchase agreements as a security interest, credit sale, retail installment sale, conditional sale or any other form of consumer […]
550 – Laws Repealed.
§ 550. Laws repealed. Of the laws enumerated in the schedule hereto annexed, that portion specified in the last column is hereby repealed.
551 – When to Take Effect.
§ 551. When to take effect. This chapter shall take effect immediately.
505 – Advertisement.
§ 505. Advertisement. 1. An advertisement for a rental-purchase agreement that refers to or states the amount of a payment or the right to acquire ownership of any one particular item under the agreement shall clearly and conspicuously state: (a) that the transaction advertised is a rental-purchase agreement; (b) the total number of payments and […]
447 – Enforcement; Penalties.
§ 447. Enforcement; penalties. Whenever there shall be a violation of this article, an application may be made by the attorney general in the name of the people of the state of New York to a court or justice having jurisdiction by a special proceeding to issue an injunction, and upon notice to the defendant […]
448 – Separability.
§ 448. Separability. If any provision of this article or the application of such provision in certain circumstances shall be held invalid, the validity of the remainder of this article and its applicability to other circumstances shall not be affected.
500 – Definitions.
§ 500. Definitions. For the purposes of this article: 1. “Advertisement” means a commercial message in any medium that directly or indirectly promotes or assists a rental-purchase agreement. 2. “Cash price” means the price of the merchandise described in the rental-purchase agreement that the consumer may pay in cash to the merchant at the inception […]
501 – Form.
§ 501. Form. 1. A rental-purchase agreement must be written in plain English and in any other language used by the merchant in an advertisement related to the rental-purchase agreement. Numerical amounts must be stated in figures. 2. Disclosures required by this section must be printed or typed in each rental-purchase agreement in a size […]