§ 401. Definitions. In this article, unless the context or subject matter otherwise requires: 1. “Goods” means all chattels personal, other than things in action or money, sold for other than a commercial or business use or for purpose of resale. The term includes goods which, at the time of the sale or subsequently, are […]
§ 402. Provisions of retail instalment contracts and obligations. 1. A retail instalment contract or obligation shall be dated and in writing; the printed portion thereof shall be in at least eight point type. 2. A contract or obligation shall contain the entire agreement of the parties with respect to the goods and services, including […]
§ 402A. Merchandise certificates and obligations therefor. 1. A retail seller may issue merchandise certificates to a retail buyer, to be paid for in instalments and to be used solely in exchange for goods and services with a cash sale price in the face amount of such certificates and not redeemable in cash, pursuant to […]
§ 402B. Total loss notice and waiver of the gap amount. 1. If the retail instalment contract provides that the buyer shall be responsible upon a total loss of the goods occasioned by theft, confiscation or physical damage for the gap amount as defined in paragraph fifty-two of subsection (a) of section one hundred seven […]
§ 403. Restrictions on retail instalment contracts and obligations. 1. No contract or obligation shall require or entail the execution of any note or series of notes by the buyer, which when separately negotiated, will cut off as to third parties any right of action or defense which the buyer may have against the seller. […]
§ 404. Credit service charge limitation. 1. A seller may, in a retail instalment contract or obligation, contract for and, if so contracted for, the holder thereof may charge, receive and collect a credit service charge computed on the principal balance of the contract or obligation from the date thereof to and including the date […]
§ 405. Delivery of copy of contract or obligation; buyer’s acknowledgment. The seller shall deliver to the buyer, or mail to him at his address shown on the contract or obligation, an executed copy thereof. Until the seller does so, a buyer who has not received the goods or services shall have an unconditional right […]
§ 406. Notice of assignment; payments. Unless the buyer has notice of actual or intended assignment of a contract, obligation, or credit agreement payment thereunder made by the buyer to the last known holder of such contract, obligation or credit agreement shall be binding upon all subsequent holders or assignees.
§ 407. Statements of account; receipts. At any time after its execution, but not later than one year after the last payment thereunder, the holder of a contract or obligation shall, upon written request of the buyer, give or forward to the buyer a written statement of the dates and amounts of payments and the […]
§ 408. Credit upon anticipation of payments. 1. Notwithstanding the provisions of any contract or obligation to the contrary, any buyer may pay it in full at any time before the maturity of the final instalment of the time balance thereof and if he does so shall receive and be entitled to receive a refund […]
§ 409. Refinancing. 1. The holder of a retail instalment contract or obligation or note may, upon agreement with the buyer, extend the scheduled due date or defer the scheduled payment of all or of any part of any instalment or instalments payable thereunder. The agreement for such extension or deferment must be in writing […]
§ 410. Add-ons to and consolidations of retail instalment contracts and obligations. 1. A retail instalment contract or obligation which otherwise conforms to the requirements of this article may contain the promise or agreement of the buyer to pay in substantially equal periodic instalments the consolidated total of the principal balance thereof and the unpaid […]
§ 411. Terms of purchase by financing agency. Notwithstanding any contrary provision of the personal property law, lien law, banking law or other law: 1. A financing agency may purchase a retail instalment contract, obligation or credit agreement, or indebtedness of a buyer to be paid under a credit agreement, from a seller on such […]
§ 412. Cancellation. After the payment of all sums for which the buyer is obligated under a contract or obligation, and upon written demand made by the buyer, the holder shall deliver, or mail to the buyer at his last known address, such one or more good and sufficient instruments as may be necessary to […]
§ 412-a. Cancellation of contracts for future consumer services. 1. Contract for future consumer services. As referred to in this section, the term “contract for future consumer services” shall mean any contract entered into for consumer services to be performed in the future on a lesson-by-lesson or class-by-class basis and offered, sold or provided by […]
§ 413. Retail instalment credit agreements. 1. (a) A retail instalment credit agreement shall be dated and in writing and the printed portion thereof shall be in at least eight point type. No retail instalment credit agreement shall be signed by the buyer when it contains blank spaces to be filled in after it has […]
§ 414. Penalties. 1. Any person who shall wilfully violate any provision of this article shall be guilty of a misdemeanor and upon conviction shall be punished by a fine not exceeding five hundred dollars. 2. In case of failure by any person to comply with the provisions of this article, the buyer shall have […]
§ 415. Exceptions. 1. The provisions of sections four hundred nine and four hundred eleven of this article shall apply to an instalment sale of goods or services for any use. 2. The provisions of section four hundred eight of this article shall apply to an installment sale of equipment used for production of a […]
§ 416. Waiver. Any waiver by the buyer of the provisions of this article shall be unenforceable and void.
§ 417. Severability. If any provision of this article or the application thereof to any person or circumstances is held unconstitutional, the remainder of the article and the application of such provision to other persons or circumstances shall not be affected thereby.
