N.Y. Comp. Codes R. & Regs. tit. 23 § 600.20

Current through Register Vol. 46, No. 36, September 4, 2024

Section 600.20 - Commercial financings with multiple payment options/balances payable on demand

(a) For commercial financings that offer multiple payment options to the recipient, the provider shall calculate required disclosures based upon the minimum payments allowed under the contract.

(b) For commercial financings where the balance due is payable on demand, the provider shall calculate required disclosures based upon an assumed term of one year unless the provider reasonably anticipates that the balance will be repaid more quickly. If an alternate maturity date is stated in the legal obligation between the parties, then the disclosures shall be based on that date.

N.Y. Comp. Codes R. & Regs. Tit. 23 § 600.20

Adopted New York State Register February 1, 2023/Volume XLV, Issue 05, eff. 2/1/2023