Legislation
SECTION 56
Limitation on refunds under commercial installment sales agreements
General Business (GBS) CHAPTER 20, ARTICLE 5-A
§ 56. Limitation on refunds under commercial installment sales
agreements. An agreement for the sale of equipment, machinery or the
accessories or parts thereto to a commercial or business enterprise for
its use or for the purpose of resale which provides for the financing of
such purchase by an installment sale provision shall provide that any
refund due as a result of an early termination of the agreement shall be
determined according to a generally accepted actuarial method.
agreements. An agreement for the sale of equipment, machinery or the
accessories or parts thereto to a commercial or business enterprise for
its use or for the purpose of resale which provides for the financing of
such purchase by an installment sale provision shall provide that any
refund due as a result of an early termination of the agreement shall be
determined according to a generally accepted actuarial method.