There is a newer version of the New York Laws
2022
2021
2020
2019 (you are here)
2018
Other previous versions
View our newest version here

2019 New York Laws
GOB - General Obligations
Article 7 - Obligations Relating to Property Received as Security
Title 4 - Buyer's Right of Redemption
7-401 - Buyer's Right of Redemption.

Universal Citation: NY Gen Oblig L § 7-401 (2019)
§ 7-401. Buyer's right of redemption. 1. No note or security agreement
  used in connection with a loan for the purpose of financing the purchase
  of  a  motor vehicle, used primarily for personal or household purposes,
  shall contain any provision for  acceleration  of  payment  which  would
  prevent  the  buyer's  right  of  redemption  pursuant  to section three
  hundred two of the personal property law. Any such  provision  shall  be
  void but shall not otherwise affect the validity of the note or security
  agreement.

2.  Within  seventy-two  hours  after the repossession or surrender of
  such motor vehicle the holder shall personally deliver or  mail  to  the
  borrower  at  his  last known address a written notice setting forth the
  right granted to redeem the vehicle,  the  dollar  amount  necessary  to
  redeem,  and  the name, address and telephone number of the holder where
  information may be obtained regarding redemption of the vehicle.

Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.