New York Personal Property Law Article 10 - RETAIL INSTALMENT SALES ACT

• 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...
• 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....
• 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...
• 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...
• 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,...
• 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...
• 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...
• 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...
• 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,...
• 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...
• 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...
• 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...
• 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...
• 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,...
• 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...
• 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...
• 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...
• 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...
• 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...
• 418 - Short Title.
  This article may be cited as the "Retail Instalment Sales Act."
• 419 - Refund Credit on Cancellation of Credit Related Insurance or Prepayment of Contract.
  The provisions of this article requiring refunds and refund credits with respect to group credit life insurance in cases of cancellation of group credit life...
• 420 - Guaranties to Sellers of Liabilities of Buyers Under Retail Instalment Contracts.
  (a) No guaranty given to the seller or to the seller and the seller's assignee of the liabilities of a buyer under a retail instalment...
• 421 - Security Interest in Other Property.
  Except as provided in section four hundred ten of this chapter, no retail instalment contract or obligation, or any other agreement executed in connection therewith,...
• 422 - Claim for Deficiency After Default and Repossession.
  If a buyer defaults on any instalment of the time sale price under a retail instalment contract, and the holder obtains possession of the goods...

Last modified: February 3, 2019