2013 New York Consolidated Laws
GBS - General Business
Article 28-BB - (458-A - 458-K) CREDIT SERVICES BUSINESS
458-F - Contracts; requirements and contents.

 
    §  458-f.  Contracts;  requirements  and  contents.  1. Every contract
  between a consumer and a credit services business shall be  in  writing,
  shall  be dated, shall contain the street address of the credit services
  business and the consumer, and shall  be  signed  by  the  consumer  and
  credit services business. Each contract shall contain the following:
    (a)  A complete and detailed statement of the services to be performed
  and the results to be achieved by the credit services business for or on
  behalf of the consumer, including a  list  of  the  adverse  information
  appearing  on  the  consumer's  credit  report  that will be modified, a
  description  of  the  precise  nature  of  each  modification,  and  the
  estimated  date  by  which  each  modification will occur. A copy of the
  consumer's current credit report issued by a consumer  credit  reporting
  agency  shall  be  annexed  to  the  contract  with  the adverse entries
  proposed to be modified clearly marked.
    (b) A statement in at least ten point type as follows:
    "Under New York law no fee may be collected in advance of  performance
  of the services specified in this contract."
    2. The contract shall be accompanied by a completed form in duplicate,
  captioned  "Notice  of  Cancellation,"  which  shall  be attached to the
  contract and easily detachable, and which shall contain in at least  ten
  point type the following:
                           "Notice of Cancellation"
    "You may cancel this contract,  without any  penalty or  obligation,
  within three days from the date the contract is signed.
    "To cancel this contract, mail or deliver a signed and dated copy of
  this cancellation notice, or any other written notice,
  to____________________ at
      (name of seller)
  ______________________________________________________________________
      (address of seller)             (Place of business)
    not later than midnight____________________.
                                (date)
      "I hereby cancel this transaction."
                        ________________________________________________
                                (purchaser's signature)
                        ________________________________________________
                                      (date)
    3.  A  copy  of  the  fully completed contract and all other documents
  shall be given to the buyer at the time the contract is signed.