625 - Assignment of contracts for services. - New York Statutes

§ 625. Assignment of contracts for services. 1. No assignee who takes a note or other obligation as consideration for a contract containing the disclosure requirements of section six hundred twenty-four of this article shall fail to honor the consumer's right of cancellation as provided in this article. 2. No creditor holding a note or other obligation, to which a consumer has obligated himself in order to purchase a contract shall fail to honor the consumer's right of cancellation under this article if: (a) the creditor is a person related to the seller of services; or (b) the seller prepares documents used in connection with the loan; or (c) the creditor supplies forms to the seller used by the consumer in obtaining the loan; or (d) the creditor makes twenty or more loans in any calendar year, the proceeds of which are used in transactions with the same seller or with a person related to the same seller; or (e) the consumer is referred to the creditor by the seller; or (f) the creditor, directly or indirectly, pays the seller any consideration whether or not it is in connection with the particular transactions; or (g) the creditor participated in or was connected with the sale. 3. No assignee of a contract shall fail to give notice of the assignment to the consumer. A notice of assignment shall be in writing addressed to the consumer at the address shown on the contract and shall identify the contract.