This text of New York § 408 (Credit upon anticipation of payments) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 408. Credit upon anticipation of payments.
1.Notwithstanding the\nprovisions of any contract or obligation to the contrary, any buyer may\npay it in full at any time before the maturity of the final instalment\nof the time balance thereof and if he does so shall receive and be\nentitled to receive a refund credit thereon and if the contract or\nobligation included an amount for group credit life insurance a further\nrefund credit thereon for such anticipation, whether or not the maturity\nof the time balance of the contract was accelerated by the holder by\nreason of the buyer's default.\n 2. The amount of any such refund credit shall be determined according\nto a generally acceptable actuarial method.\n If the credit service charge imposed on the retail instalment contract\nor obli
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§ 408. Credit upon anticipation of payments. 1. Notwithstanding the\nprovisions of any contract or obligation to the contrary, any buyer may\npay it in full at any time before the maturity of the final instalment\nof the time balance thereof and if he does so shall receive and be\nentitled to receive a refund credit thereon and if the contract or\nobligation included an amount for group credit life insurance a further\nrefund credit thereon for such anticipation, whether or not the maturity\nof the time balance of the contract was accelerated by the holder by\nreason of the buyer's default.\n 2. The amount of any such refund credit shall be determined according\nto a generally acceptable actuarial method.\n If the credit service charge imposed on the retail instalment contract\nor obligation is computed pursuant to subdivision four of section four\nhundred four of this article, the contract or obligation may be prepaid\nin full without penalty.\n 3. Where the amount of the credit for anticipation of payment is less\nthan one dollar no refund need be made. Where the earned credit service\ncharge amounts to less, there may be retained an amount equal to the\nminimum credit service charge applicable.\n 4. The amount of the further refund credit for group credit life\ninsurance shall be equal to the excess of the amount included in the\ncontract for group credit life insurance over the premiums paid or\npayable by the holder of the contract for such insurance, if such\npremiums were paid or payable periodically, or the refund for unearned\ngroup credit life insurance premium paid or payable in a lump sum,\nprovided that no such further refund credit need be made if the amount\nthereof would be less than one dollar.\n 5. In the event (i) the maturity of a contract or obligation is\naccelerated due to the default of the buyer or otherwise and judgment is\nobtained, or (ii) repayment is made pursuant to group credit life\ninsurance, the buyer or his legal representative, as the case may be,\nshall be entitled to the same refund credits as if the contract had been\nprepaid in full on the date of acceleration or repayment.\n