N.Y. Banking Law § 575: Refinancing

§ 575. Refinancing. A premium finance agency may, upon agreement with

the insured, extend the scheduled due date or defer the scheduled

payment of all or of any part of any instalment or instalments payable

thereunder. The agreement for such extension or deferment must be in

writing and signed by the parties thereto. The premium finance agency

may charge and contract for the payment of an extension or deferral

charge by the insured and collect and receive the same, but such charge

may not exceed an amount equal to one per centum per month simple

interest on the amount of the instalment or instalments, or part

thereof, extended or deferred for the period of extension or deferral.

Such period shall not exceed the period from the date when such extended

or deferred instalment or instalments, or part thereof, would have been

payable in the absence of such extension or deferral, to the date when

such instalment or instalments, or part thereof, are made payable under

the agreement of extension or deferment; except that a minimum charge of

one dollar for the period of extension or deferral may be made in any

case where the extension or deferral charge, when computed at such rate,

amounts to less than one dollar.