New York Consolidated Laws, Personal Property Law - PEP § 409. Refinancing

1. The holder of a retail instalment contract or obligation or note may, upon agreement with the buyer, extend the scheduled due date or defer the scheduled payment of all or of any part of any instalment or instalments payable thereunder. The agreement for such extension or deferment must be in writing and signed by the parties thereto. The holder may charge and contract for the payment of an extension or deferral charge by the buyer and collect and receive the same, at the rate or rates agreed to by holder and the buyer on the amount of the instalment or instalments, or part thereof, extended or deferred for the period of extension or deferral. Such period shall not exceed the period from the date when such extended or deferred instalment or instalments, or part thereof, would have been payable in the absence of such extension or deferral, to the date when such instalment or instalments, or part thereof, are made payable under the agreement of extension or deferment; except that a minimum charge of one dollar for the period of extension or deferral may be made in any case where the extension or deferral charge, when computed at such rate, amounts to less than one dollar. Such agreement may also provide for the payment by the buyer of the additional cost to the holder of the contract or obligation or note of premiums for continuing in force, until the end of such period of extension or deferral, any insurance coverages provided for in the contract or obligation, subject to the provisions of subdivision five of section four hundred two.

2. The holder of a retail instalment contract or obligation or note may, upon agreement in writing with the buyer, refinance the payment of the unpaid time balance of the contract or obligation or note by providing for a new schedule of instalment payments. The holder may charge and contract for the payment of a refinance charge by the buyer and collect and receive the same, but such refinance charge (1) shall be based upon the amount refinanced, plus any additional cost of insurance and of official fees incident to such refinancing, after the deduction of a refund credit in an amount equal to that to which the buyer would have been entitled under section four hundred eight if he had prepaid in full his obligations under the contract or obligation or note, but in computing such refund credit there shall not be allowed the minimum earned credit service charge as authorized by such section, and (2) may not exceed the rate of credit service charge provided under section four hundred four of this chapter. Such agreement for refinancing may also provide for the payment by the buyer of the additional cost to the holder of the contract or obligation or note of premiums for continuing in force, until the maturity of the contract or obligation or note as refinanced, any insurance coverages provided for therein, subject to the provisions of subdivision five of section four hundred two of this chapter. The refinancing agreement shall set forth all items required to be disclosed by the act of congress entitled “Truth in Lending Act”  1 and the regulations thereunder, as such act and regulations may from time to time be amended.