N.Y. General Business Law § 458-f: Contracts; requirements and contents

§ 458-f. Contracts; requirements and contents. 1. Every contract

between a consumer and a credit services business shall be in writing,

shall be dated, shall contain the street address of the credit services

business and the consumer, and shall be signed by the consumer and

credit services business. Each contract shall contain the following:

(a) A complete and detailed statement of the services to be performed

and the results to be achieved by the credit services business for or on

behalf of the consumer, including a list of the adverse information

appearing on the consumer's credit report that will be modified, a

description of the precise nature of each modification, and the

estimated date by which each modification will occur. A copy of the

consumer's current credit report issued by a consumer credit reporting

agency shall be annexed to the contract with the adverse entries

proposed to be modified clearly marked.

(b) A statement in at least ten point type as follows:

"Under New York law no fee may be collected in advance of performance

of the services specified in this contract."

2. The contract shall be accompanied by a completed form in duplicate,

captioned "Notice of Cancellation," which shall be attached to the

contract and easily detachable, and which shall contain in at least ten

point type the following:

"Notice of Cancellation"

"You may cancel this contract, without any penalty or obligation,

within three days from the date the contract is signed.

"To cancel this contract, mail or deliver a signed and dated copy of

this cancellation notice, or any other written notice,

to____________________ at

(name of seller)

______________________________________________________________________

(address of seller) (Place of business)

not later than midnight____________________.

(date)

"I hereby cancel this transaction."

________________________________________________

(purchaser's signature)

________________________________________________

(date)

3. A copy of the fully completed contract and all other documents

shall be given to the buyer at the time the contract is signed.