Bill > A08593

This bill enacts new provisions in New York's General Business Law relating to the lease of credit card terminals. The key provisions include: 1. Requiring lessors of credit card terminals to accurately disclose their relationship to the terminal and the terms of the finance lease, including the total cost and lease options. 2. Mandating that finance leases and service agreements for credit card terminals be written in at least 12-point font and the primary language used to communicate with the lessee. 3. Providing lessees with a 45-day right to cancel the finance lease and capping the total cost of the lease at 300% of the lessor's original purchase price. 4. Prohibiting certain practices, such as collecting business personal property tax if not actually imposed, and making violations subject to penalties under the state's consumer protection laws. The bill aims to increase transparency and consumer protections for businesses entering into credit card terminal leases.

Business and Industry

https://www.nysenate.gov/legislation/bills/2021/A8593