NY Pers Prop L § 503 (2021)
2021 New York Laws PEP - Personal Property Article 11 - Rental Purchase Agreements 503 - Total Cost.

§ 503. Total cost. 1. A merchant shall maintain records that establish the  merchant's cost for each item of merchandise that is the subject of the rental-purchase agreement. A copy of each rental-purchase  agreement and  of the records required by this subdivision shall be maintained for at least two years following the termination of the agreement.   2. The maximum cash price for  the  merchant's  first  rental  of  the merchandise that is the subject of the rental-purchase agreement may not exceed  1.75  times  the  merchant's cost for appliances, 1.75 times the merchant's cost for electronic sets having merchant cost less  than  one hundred  fifty  dollars,  2.0  times the merchant's costs for electronic sets having merchant cost greater than or equal  to  one  hundred  fifty dollars,  2.15  times  the  merchant's cost for furniture, 2.0 times the merchant's  cost  for  automotive  accessories,  jewelry,  and   musical instruments, and 1.75 times the merchant's cost for all other items.   3. The maximum total of payments may not exceed 2.25 times the maximum cash  price  that  could  have  been charged for the first rental of the merchandise under subdivision two of this section.   4. The maximum  total  of  payments  for  the  merchant's  second  and subsequent  rental  of  the  merchandise  that  is  the  subject  of the rental-purchase agreement may not exceed the maximum total  of  payments permitted under the terming matrix contained in subdivision five of this section.   5.  (a)  The  terming  matrix  provided  for  in paragraph (b) of this subdivision shall be used to lower  the  number  of  periodic  payments, which shall result in a lower total of payments and a lower maximum cash price  for  the  used merchandise based on its age and condition, or, in the event that the merchant chooses to maintain the number  of  periodic payments  of  the  original  term when new, the merchant shall lower the total of payments and maximum cash price  on  a  pro-rata  basis.    The merchant  shall  keep  in electronic or hard copy form, the matrix used, together with a record of the number of periodic  payments  provided  in the  first agreement for the item when it was offered as new, as well as a record of the item's condition as determined by the merchant  pursuant to  such  matrix each time it is priced as used.  This requirement shall be satisfied by a record of the number of  periodic  payments  and  cash price  from  each  rental-purchase agreement under which merchandise was rented. These records shall be maintained as long as the item  is  owned by  the  merchant.  No  merchant shall price used goods in excess of the prices dictated by the matrix.  (b) The attorney general shall  make  available  in  printed  form  to merchants  and publish on the website of the department of law a terming matrix in chart form to be used by merchants  as  required  pursuant  to paragraph  (a)  of  this  subdivision. The chart shall have as its title "Terming Matrix for Used Merchandise". The matrix chart shall conform to the example set forth in this paragraph and shall consist of  five  rows and five columns and shall be printed in at least ten point type.                     TERMING MATRIX FOR USED MERCHANDISE  Original Term                                               91 weeks   in Weeks      34 weeks      35 - 38 weeks  39 - 90 weeks  or more   when New       or less  EXCELLENT      subtract a     subtract a     subtract a     subtract a CONDITION      minimum of 1   minimum of 2   minimum of 3   minimum of                week from      weeks from     weeks from     4 weeks                original       original       original       from ori-                term           term           term           ginal term  GOOD           subtract a     subtract a     subtract a     subtract a CONDITION      minimum of 3   minimum of 5   minimum of 7   minimum of                weeks from     weeks from     weeks from     9 weeks                original       original       original       from ori-                term           term           term           ginal term  FAIR           subtract a     subtract a     subtract a     subtract a CONDITION      minimum of 4   minimum of 7   minimum of 10  minimum of                weeks from     weeks from     weeks from     13 weeks                original       original       original       from ori-                term           term           term           ginal term  POOR           subtract a     subtract a     subtract a     subtract a CONDITION      minimum of 6   minimum of 10  minimum of 15  minimum of                weeks from     weeks from     weeks from     20 weeks                original       original       original       from ori-                term or cash   term or cash   term or cash   ginal term                sale           sale           sale           or cash                                                             sale  (c) Immediately below the terming matrix, the following language shall be printed in ten point type.   New = Full Term   Excellent = In great shape. Refurbished to look like new.   Good  =  In  good  working order. Refurbished, but imperfections still exist.   Fair = Completely operational, but  refurbishment  has  not  concealed obvious wear and tear.   Poor  =  Ripped,  faded,  cracked  or broken and refurbishment did not change it.   6. The maximum cash price for merchandise on its second or  subsequent rental may not exceed the maximum total of payments for that merchandise as permitted under subdivision five of this section divided by 2.25.   7.  Upon  the written request of the attorney general a merchant shall provide copies of the records described in this section.   8. If a merchant intentionally discloses a cash price or  a  total  of payments  that  exceeds  the  amount  permitted  by  this  section,  the rental-purchase  agreement  is  void,  the  consumer  shall  retain  the merchandise without any obligation, and the merchant shall refund to the consumer all amounts paid.