N.Y. General Business Law Section 862
Recision and other penalties

If a merchant fails to comply with the disclosure provisions of § 857 (Disclosure required)section eight hundred fifty-seven of this article, the transferee may rescind the transaction. In addition, where the merchant has made knowingly false statements to a transferee, the transferee may recover actual damages, if any, and a penalty in the sum of two hundred fifty dollars. The remedies provided in this section are in addition to other remedies available by law.

Source: Section 862 — Recision and other penalties, https://www.­nysenate.­gov/legislation/laws/GBS/862 (updated Sep. 22, 2014; accessed Dec. 6, 2025).

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Dec. 6, 2025

Last modified:
Sep. 22, 2014

§ 862. Recision & other penalties's source at nysenate​.gov

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