§ 625 — Assignment of contracts for services

§ 625. Assignment of contracts for services. 1. No assignee who takes\na note or other obligation as consideration for a contract containing\nthe disclosure requirements of section six hundred twenty-four of this\narticle shall fail to honor the consumer's right of cancellation as\nprovided in this article.\n 2. No creditor holding a note or other obligation, to which a consumer\nhas obligated himself in order to purchase a contract shall fail to\nhonor the consumer's right of cancellation under this article if:\n (a) the creditor is a person related to the seller of services; or\n (b) the seller prepares documents used in connection with the loan; or\n (c) the creditor supplies forms to the seller used by the consumer in\nobtaining the loan; or\n (d) the creditor makes twenty or more loans in any calendar year, the\nproceeds of which are used in transactions with the same seller or with\na person related to the same seller; or\n (e) the consumer is referred to the creditor by the seller; or\n (f) the creditor, directly or indirectly, pays the seller any\nconsideration whether or not it is in connection with the particular\ntransactions; or\n (g) the creditor participated in or was connected with the sale.\n 3. No assignee of a contract shall fail to give notice of the\nassignment to the consumer. A notice of assignment shall be in writing\naddressed to the consumer at the address shown on the contract and shall\nidentify the contract.\n