1. The Laws of New York
  2. Consolidated Laws
  3. General Business
  4. Article 5-A: Commercial Installment Sales

Section 56 Limitation on refunds under commercial installment sales agreements

General Business (GBS)

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.