N.Y. Comp. Codes R. & Regs. tit. 3 § 403.1

Current through Register Vol. 46, No. 43, October 23, 2024

Section 403.1 - Books and records

(a) Until payment in full, every licensee shall file each finance agreement or duplicate originals thereof, and all insurance documents relating thereto, except those papers returned to the buyer, so as to be readily available for inspection at any time. All such papers and instruments shall bear a common identifying number. (For the purpose of this Part, the term finance agreements shall include retail instalment contracts, obligations and credit agreements as defined in Personal Property Law, sections 301 and 401, and Banking Law, section 491.)

(b) Every licensee shall maintain a record which will readily disclose, at any time, the aggregate number and outstanding time balances of all finance agreements held by it.

(c) Every licensee shall maintain an individual ledger card or appropriate combination of records with respect to each finance agreement showing:

(1) The name and address of the buyer.

(2) The name and address of the seller.

(3) The date of the contract.

(4) The amount of the principal balance.

(5) The amount and date each installment is due.

(6) The amount and date each installment is paid.

(7) The number of installments due as set forth in the contract.

(8) The total credit service charge set forth in the contract.

(9) The amount, if any, charged for credit life insurance as set forth in the contract.

(10) The amount, if any, charged for any other insurance as set forth in the contract.

(11) The amount of any rebate granted for anticipation including the date rebated.

(12) The date and amount of late charge collected, identifying the installment for which it was imposed.

(13) The amount and date any extension or renewal charge is collected indicating the period extended or deferred.

(14) The amount, if any, charged to or paid by the buyer, for official fees.

(d) With respect to any finance agreement whether charged off or not, upon which legal proceedings have been taken, every licensee shall clearly indicate in permanent form on the buyer's ledger card or on a separate sheet or card or file bearing the identifying number, the following:

(1) The date of referral to an attorney for collection.

(2) The name and address of such attorney.

(3) The date and terms of any settlement agreed upon or the results of any legal or summary action taken for or against the licensee.

(4) The amount of attorney's fee incurred by the licensee in connection with litigation and charged to or paid by the buyer or other obligor.

(e) If any goods are repossessed, the licensee shall clearly indicate in permanent form on the buyer's ledger card or on a separate sheet or card or file bearing the identifying number, the following:

(1) Date of repossession.

(2) A record of letters or other communication sent to buyer indicating default or intention to retake.

(3) Itemized list of expenses incurred in the retaking, keeping and storing if charged to or paid by the buyer or other obligor.

(4) Name and address of agency or persons repossessing merchandise.

(5) If the repossessed merchandise is sold, the date, price obtained, and name and address of person or agency to whom sold.

(6) The name and address of auctioneer, if any.

(7) If the licensee is the buyer at sale, the date, price obtained and name and address of person or agency to whom merchandise is resold.

(f) Every licensee shall preserve such books, accounts and records, including cards used in a card system, if any, for at least six years after making the final entry in respect to any finance agreement recorded therein; provided, however, the preservation of photographic reproductions thereof or records in photographic form shall constitute compliance with this section.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 403.1