N.Y. GBS Law § 56
This is the official text of N.Y. GBS Law § 56, part of New York’s GBS Law — part of the compiled statutory law of New York, published by the state as "GBS Law." Browse the sections below, each linked to its official government source.
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Limitation on refunds under commercial installment sales agreements
Official statutory text
§ 56. Limitation on refunds under commercial installment sales\nagreements. An agreement for the sale of equipment, machinery or the\naccessories or parts thereto to a commercial or business enterprise for\nits use or for the purpose of resale which provides for the financing of\nsuch purchase by an installment sale provision shall provide that any\nrefund due as a result of an early termination of the agreement shall be\ndetermined according to a generally accepted actuarial method.\n
Status: in_force · Read it on the official government site
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