New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 92 - Variable Rate Closed-end Retail Instalment Contracts And Obligations Entered Into By Retail Sellers
Section 92.3 - Disclosures

Universal Citation: 3 NY Comp Codes Rules and Regs ยง 92.3

Current through Register Vol. 46, No. 12, March 20, 2024

All disclosures required under this Part are to be made in a single, separate document, in plain language and with captioned subdivisions for the information to be disclosed. Such disclosures shall be provided by the retail seller to a buyer who is to be primarily liable on the contract or obligation prior to the consummation of the contract or obligation. Disclosure shall be made, in any reasonable order, of the following information:

(a) the identification of the index to be used by the retail seller or the holder in connection with varying the rate on the contract or obligation, and where the index figures are available;

(b) the circumstances under which the rate on the contract or obligation may vary, including disclosures of the intervals at which the retail seller or the holder may change the rate, the time(s) or date(s) at which the retail seller or the holder calculates the rate with respect to the index, and any conditions or events on which the changes in rate are contingent;

(c) the effect or the combination of effects that an increase in the rate on the contract or obligation may have on the amount of the monthly payment, or the number of monthly payments or the amount of the final payment;

(d) a hypothetical example, illustrative of the type of credit being offered, of the effect or the combination of effects of a rate increase on the amount of the monthly payment, or the number of monthly payments or the amount of the final payment;

(e) the history of the movements in the index selected for the contract or obligation, as further provided under section 92.4 of this Part; and

(f) the fact that the buyer will receive prior notification from the retail seller or the holder of increases in the rate or changes in the terms of payment, and the time periods within which such notifications will be sent.

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