N.Y. General Business Law Section 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.

Source: Section 56 — Limitation on refunds under commercial installment sales agreements, https://www.­nysenate.­gov/legislation/laws/GBS/56 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 56’s source at nysenate​.gov

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