New York S02218 amends rental-purchase agreement forms to specify font size and late charge calculations.

New York S02218 amends the personal property law to mandate that disclosures in rental-purchase agreements must be in at least twelve-point bold-faced type. It also sets rules for calculating late charges, specifying that a late fee can only be assessed if a periodic payment is delinquent for more than three days for weekly agreements or seven days for monthly agreements, excluding weekends and federal holidays. The maximum late fee is the greater of ten percent of the delinquent amount or a fixed dollar amount. This bill applies to agreements entered into after its effective date.

New York S02218 amends rental-purchase agreement forms to specify font size and late charge calculations.

New York S02218 amends the personal property law to mandate that disclosures in rental-purchase agreements must be in at least twelve-point bold-faced type. It also sets rules for calculating late charges, specifying that a late fee can only be assessed if a periodic payment is delinquent for more than three days for weekly agreements or seven days for monthly agreements, excluding weekends and federal holidays. The maximum late fee is the greater of ten percent of the delinquent amount or a fixed dollar amount. This bill applies to agreements entered into after its effective date.