N.Y. Personal Property Law § 504: Early purchase option

§ 504. Early purchase option. 1. The consumer has the right to acquire

ownership of the merchandise at any time by tendering to the merchant

all past due payments and fees and an amount equal to the cash price

stated in the rental-purchase agreement multiplied by a fraction that

has as its numerator the number of periodic payments remaining under the

agreement and that has as its denominator the total number of periodic

payments. A consumer must affirmatively elect to exercise an early

purchase option. In no event shall the consumer's early purchase option

be less than the amount of one periodic payment.

2. In a clear and conspicuous manner on the consumer's receipt for

every periodic payment, the merchant shall, in connection with a

consumer's rights under this section, provide the consumer with a

written statement of:

(a) the total amount the consumer would have to pay to acquire

ownership of the rental merchandise if the consumer makes all regularly

scheduled payments remaining under the rental-purchase agreement; and

(b) the total amount the consumer would have to pay to acquire

ownership of that merchandise pursuant to subdivision one of this

section.