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New York Consolidated Laws, General Business Law - GBS § 625. Assignment of contracts for services

Current as of January 01, 2026 | Updated by Findlaw Staff

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.

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Cite this article: FindLaw.com - New York Consolidated Laws, General Business Law - GBS § 625. Assignment of contracts for services - last updated January 01, 2026 | https://codes.findlaw.com/ny/general-business-law/gbs-sect-625/

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