New York Personal Property Law Article 11 - RENTAL PURCHASE AGREEMENTS

• 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....
• 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...
• 502 - Availability.
  Every rental purchase agreement shall indicate that a consumer at his or her request shall be permitted to review a completed rental-purchase agreement for up...
• 503 - Total Cost.
  1. A merchant shall maintain records that establish the merchant's cost for each item of merchandise that is the subject of the rental-purchase agreement. A...
• 504 - Early Purchase Option.
  1. The consumer has the right to acquire ownership of the merchandise at any time by tendering to the merchant all past due payments and...
• 504-a - Interruption or Reduction of Income in Certain Instances.
  1. If any consumer who has signed a rental-purchase agreement experiences an interruption or reduction of twenty-five percent or more of income due to involuntary...
• 504-b - Maintenance of Merchandise.
  1. The merchant shall maintain the property subject to the rental-purchase agreement in good working order while the agreement is in effect without charging any...
• 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...
• 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...
• 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...
• 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...

Last modified: February 3, 2019