NY Pers Prop L § 306 (2021)
2021 New York Laws PEP - Personal Property Article 9 - Motor Vehicle Retail Instalment Sales Act 306 - Refinancing.

§ 306. Refinancing. 1. The holder of a retail instalment contract may,   upon  agreement  with  the buyer, extend the scheduled due date or defer   the  scheduled  payment  of  all  or  any  part  of  any  instalment  or   instalments  payable  thereunder.  The  agreement  for such extension or   deferment must be in writing and signed  by  the  parties  thereto.  The   holder  may  charge  and  contract  for  the  payment of an extension or   deferred charge by the buyer and collect and receive the  same,  at  the   rate or rates agreed to by the holder and the buyer on the amount of the   instalment or instalments, or part thereof, extended or deferred for the   period of extension or deferral. Such period shall not exceed the period   from  the date when such extended or deferred instalment or instalments,   or part thereof,  would  have  been  payable  in  the  absence  of  such   extension  or deferral, to the date when such instalment or instalments,   or part thereof, are made payable under the agreement  of  extension  or   deferment;  except that a minimum charge of one dollar for the period of   extension or deferral may be made in any case  where  the  extension  or   deferral  charge,  when  computed at such rate or rates, amounts to less   than one dollar. Such agreement may also provide for the payment by  the   buyer  of  the additional cost to the holder of the contract of premiums   for continuing in force, until the end of such period  of  extension  or   deferral,  any insurance coverages provided for in the contract, subject   to the provisions of subdivision six of section three hundred two.2. The holder of a retail instalment contract may, upon  agreement  in   writing with the buyer, refinance the payment of the unpaid time balance   of  the contract by providing for a new schedule of instalment payments.   The holder may charge and contract for the payment of a refinance charge   by the buyer at the rate or rates agreed to by the holder and the  buyer   and  collect  and  receive  the same, but such refinance charge shall be   based upon the amount refinanced, plus any additional cost of  insurance   and  of  official  fees  incident  to  such  refinancing and any accrued   collection and delinquency charges, after  the  deduction  of  a  refund   credit  in  an  amount  equal to that to which the buyer would have been   entitled under section three hundred five of  this  chapter  if  he  had   prepaid  in  full  his  obligations under the contract but, in computing   such refund credit, there shall not be allowed such an  amount  as  will   bring  the  earned  credit  service  charge  up to fifteen dollars. Such   agreement for refinancing may also provide for the payment by the  buyer   of  the  additional  cost  to the holder of the contract of premiums for   continuing in force, until the maturity of the contract  as  refinanced,   any  insurance coverages provided for therein, subject to the provisions   of subdivision  six  of  section  three  hundred  two.  The  refinancing   agreement  shall set forth all items required to be disclosed by the act   of  congress  entitled  "Truth  in  Lending  Act"  and  the  regulations   thereunder,  as  such  act  and  regulations  may  from  time to time be   amended.