New York A04459 amends the general business law to regulate credit card terminal leases, requiring disclosures and prohibiting certain practices.

New York A04459 amends the general business law by adding a new article on credit card terminal leases. It mandates that finance leases for credit card terminals be written in at least twelve-point font and specify terms, total price, monthly payment, and other fees. Lessors must provide a copy of the executed lease to lessees and retain it for four years. Lessees can cancel a lease within three days of receiving the executed lease, with the lessor allowed to retain payments made after delivery.

New York A04459 amends the general business law to regulate credit card terminal leases, requiring disclosures and prohibiting certain practices.

New York A04459 amends the general business law by adding a new article on credit card terminal leases. It mandates that finance leases for credit card terminals be written in at least twelve-point font and specify terms, total price, monthly payment, and other fees. Lessors must provide a copy of the executed lease to lessees and retain it for four years. Lessees can cancel a lease within three days of receiving the executed lease, with the lessor allowed to retain payments made after delivery.