503 - Total Cost.

NY Pers Prop L § 503 (2019) (N/A)
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(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.