N.Y. Banking Law § 573: Statement of account; receipts

§ 573. Statement of account; receipts. 1. At any time after its

execution, but not later than one year after the last payment

thereunder, a premium finance agency holding a premium finance agreement

shall, upon written request of the insured, give or mail to him a

written statement of the dates and amounts of payments and the total

amount, if any, unpaid thereunder. Such a statement shall be supplied

once each year without charge; if any additional statement is requested

the premium finance agency shall supply such statement at a charge not

exceeding one dollar for each additional statement so supplied. An

insured shall be given a receipt for a payment when made in cash.

2. After the payment of all sums for which an insured is obligated

under a premium finance agreement, and upon his written demand, the

premium finance agency holding the agreement shall deliver, or mail to

the insured at his last known address such one or more good and

sufficient instruments as may be necessary to acknowledge payment in

full and to release all interests in or rights to the insurance

contracts, the premiums for which are advanced or are to be advanced

under the agreement.