N.Y. FIS Law § 805

§ 805. Open-end commercial financing disclosure requirements. A\nprovider, subject to this article, shall provide the following\ndisclosures to a recipient at the time of extending a specific offer for\nopen-end financing according to formatting prescribed by the\nsuperintendent:\n (a) The maximum amount of credit available to the recipient (e.g., the\ncredit line amount), and the amount scheduled to be drawn by the\nrecipient at the time the offer is extended, if any, less any fees\ndeducted or withheld at disbursement.\n (b) The finance charge.\n (c) The annual percentage rate, using only the words annual percentage\nrate or the abbreviation "APR", expressed as a nominal yearly rate,\ninclusive of any fees and finance charges that cannot be avoided by a\nrecipient, and calculated in accordance with the federal Truth in\nLending Act, Regulation Z, 12 C.F.R. § 1026.22 and based on the maximum\namount of credit available to the recipient and the term resulting from\nmaking the minimum required payments term as disclosed, regardless of\nwhether such act or such regulation would require such a calculation.\n (d) The total repayment amount, which is the draw amount, less any\nfees deducted or withheld at disbursement, plus the finance charge. The\ntotal repayment amount shall assume a draw amount equal to the maximum\namount of credit available to the recipient if drawn and held for the\nduration of the term or draw period.\n (e) The term of the plan, if applicable, or the period over which a\ndraw is amortized.\n (f) The payment frequency and amounts, based on the assumptions used\nin the calculation of the annual percentage rate, including a\ndescription of payment amount requirements such as a minimum payment\namount, and if the payment frequency is other than monthly, the amount\nof the average projected payments per month. For payment amounts that\nare variable, the provider should include a payment schedule, or a\ndescription of the method used to calculate the amounts and frequency of\npayments, and the estimated average monthly payment amount.\n (g) A description of all other potential fees and charges that can be\navoided by the recipient, including, but not limited to, draw fees, late\npayment fees, and returned payment fees.\n (h) Were the recipient to elect to pay off or refinance the commercial\nfinancing prior to full repayment, the provider must disclose:\n (i) whether the recipient would be required to pay any finance charges\nother than interest accrued since their last payment. If so, disclosure\nof the percentage of any unpaid portion of the finance charge and\nmaximum dollar amount the recipient could be required to pay; and\n (ii) whether the recipient would be required to pay any additional\nfees not already included in the finance charge.\n (i) A description of collateral requirements or security interests, if\nany.\n