N.Y. Banking Law § 584-a: Contracts with debtors; fees

§ 584-a. Contracts with debtors; fees. Each licensee shall submit to

the department any form of written contract it intends to use between

itself and such debtor. Such form contract shall, at minimum, make

provision for the following information:

1. a complete list of the debtor's obligations to be adjusted,

including the name of each creditor;

2. the total fees agreed to for such services, including any

adjustments for estimated available rebates from creditors, provided

that nothing in this subdivision shall require a licensee to share

rebates with its clients;

3. the commencement and termination date of the contract;

4. a pro forma statement of the total fees to be charged, including

expected available rebates from creditors, expressed as a percentage of

the total obligations, principal and interest to be adjusted under such

contract;

5. settlement terms in case of cancellation of the contract or

prepayment of the obligations;

6. a notice to the debtor that the debtor may cancel the contract

until midnight of the third business day after the day on which the

debtor has signed the contract; and

7. the terms under which the payments may be made by the debtor. Upon

execution, a copy of such contract shall be immediately furnished to the

debtor. Such contract may subsequently be amended to include additional

creditors and debtors obligations.