2015 New York Laws
PEP - Personal Property
Article 10 - (Personal Property) RETAIL INSTALMENT SALES ACT
408 - Credit upon anticipation of payments.

  408.  Credit  upon anticipation of payments. 1. Notwithstanding the
  provisions of any contract or obligation to the contrary, any buyer  may
  pay  it  in full at any time before the maturity of the final instalment
  of the time balance thereof and if he  does  so  shall  receive  and  be
  entitled  to  receive  a  refund  credit  thereon and if the contract or
  obligation included an amount for group credit life insurance a  further
  refund credit thereon for such anticipation, whether or not the maturity
  of  the  time  balance  of the contract was accelerated by the holder by
  reason of the buyer's default.
2. The amount of any such refund credit shall be determined  according
  to a generally acceptable actuarial method.
If the credit service charge imposed on the retail instalment contract
  or  obligation  is computed pursuant to subdivision four of section four
  hundred four of this article, the contract or obligation may be  prepaid
  in full without penalty.
3.  Where the amount of the credit for anticipation of payment is less
  than one dollar no refund need be made. Where the earned credit  service
  charge  amounts  to  less,  there may be retained an amount equal to the
  minimum credit service charge applicable.
4. The amount of the further  refund  credit  for  group  credit  life
  insurance  shall  be  equal  to the excess of the amount included in the
  contract for group credit life  insurance  over  the  premiums  paid  or
  payable  by  the  holder  of  the  contract  for such insurance, if such
  premiums were paid or payable periodically, or the refund  for  unearned
  group  credit  life  insurance  premium  paid  or payable in a lump sum,
  provided that no such further refund credit need be made if  the  amount
  thereof would be less than one dollar.
5.  In  the  event  (i)  the  maturity  of a contract or obligation is
  accelerated due to the default of the buyer or otherwise and judgment is
  obtained, or (ii) repayment  is  made  pursuant  to  group  credit  life
  insurance,  the  buyer  or his legal representative, as the case may be,
  shall be entitled to the same refund credits as if the contract had been
  prepaid in full on the date of acceleration or repayment.