State Codes and Statutes

Statutes > New-york > Pep > Article-10 > 402

§  402.  Provisions of retail instalment contracts and obligations. 1.  A retail instalment  contract  or  obligation  shall  be  dated  and  in  writing;  the  printed  portion thereof shall be in at least eight point  type.    2. A contract or obligation shall contain the entire agreement of  the  parties  with  respect to the goods and services, including any promise,  whether made in writing or orally, by the seller, made as an  inducement  to  the  buyer to become a party to the contract or which is part of the  contract or which is made incidental to negotiations between the  seller  and the buyer with respect to the sale of the goods or services that are  the  subject  of the contract, that the seller will compensate the buyer  for referring customers or prospective customers to the seller for goods  or services which the seller has for sale or for referring the seller to  such customers or prospective customers. In any case in which,  pursuant  to  the  preceding  provisions,  the  contract  contains  a  promise  to  compensate the buyer for referring customers or prospective customers to  the seller or the seller to such customers, the contract must contain  a  provision  to  the  effect  that  the  amount  otherwise owing under the  contract at any time is reduced by  the  amount  of  compensation  owing  pursuant to such promise, and:    (a)  Both  at the top of the contract or obligation and directly above  the space reserved for the signature of  the  buyer,  the  words  RETAIL  INSTALMENT CONTRACT or RETAIL INSTALMENT OBLIGATION, as the case may be,  in at least ten point bold type; and    (b)  Either  a  notice  in  at  least eight point bold type reading as  follows:  NOTICE TO THE BUYER: 1. Do not sign this agreement before  you  read  it  or  if  it  contains any blank space. 2. You are entitled to a  completely filled in copy of this agreement. 3. Under the law, you  have  the  right  to  pay off in advance the full amount due and under certain  conditions to obtain a partial refund of the credit service charge or  a  notice  in  at least eight point bold type reading as follows: NOTICE TO  THE BUYER: 1. Do not sign this agreement before you read  it  or  if  it  contains  any blank space. 2. You are entitled to a completely filled in  copy of this agreement. 3. Under the law, you have the right to pay  off  in  advance the full amount due. If you do so, you may, depending on the  nature of the credit service charge, either: (a) prepay without penalty,  or (b) under certain circumstances obtain a rebate of the credit service  charge.    3. A contract or obligation shall:    (a) Contain the names of the  seller  and  the  buyer,  the  place  of  business  of the seller, the residence or place of business of the buyer  as specified by the buyer and an adequate description  of  the  services  and  goods  (including  the make and model, if any, in the case of goods  customarily sold by make and model); and    (b) Set forth the following items:    (1) All items required to be disclosed by the act of congress entitled  "Truth in Lending Act" and the regulations thereunder, as such  act  and  regulations may from time to time be amended;    (2)  If  any  instalment  substantially  exceeds  in  amount any prior  instalment other than the down-payment,  contain  the  following  legend  printed  in  ten  point  bold  type or typewritten: THIS CONTRACT IS NOT  PAYABLE IN INSTALMENTS OF EQUAL AMOUNTS: followed, if there be  but  one  larger  instalment,  by:  AN  INSTALMENT  OF  $..........WILL  BE DUE ON  .........or, if there be more than one  larger  instalment,  by:  LARGER  INSTALMENTS WILL BE DUE AS FOLLOWS.........(insert the amount or amounts  of  every  larger  instalment and its due date.) In the case of a retail  instalment obligation, OBLIGATION shall be substituted for  CONTRACT  in  the  required  legend.  If the credit service charge with respect to thecontract or obligation is calculated pursuant  to  subdivision  four  of  section  four  hundred four of this article, the disclosure provided for  in this subparagraph may be omitted.    4.  No  contract  or  obligation  shall be signed by the buyer when it  contains blank spaces to be filled in after it has been signed; however,  if delivery of the goods is not made at the time of the execution of the  contract or obligation and it so provides, the  identifying  numbers  or  marks  of the goods and the due date of the first instalment may be left  blank and later inserted by the seller in the  seller's  counterpart  of  the contract or obligation after it has been signed by the buyer.    5.  If the cost of any credit unemployment, group credit life or other  insurance is included in the  contract  or  obligation  and  a  separate  charge is made to the buyer for such insurance:    (a) The contract or obligation shall state whether the insurance is to  be procured by the buyer or the seller;    (b)  The  amount,  if  any,  so included for such insurance, shall not  exceed the premiums chargeable in accordance with rate filings made with  the superintendent of insurance for such insurance by the insurer;  and,  if  such  group  credit life or other insurance is cancelled, the refund  for unearned insurance premiums received or receivable by the holder  of  the  contract,  or the excess of the amount included in the contract for  group credit life insurance over the premiums paid  or  payable  by  the  holder  of  the  contract  therefor,  together with, in either case, the  unearned portion of the credit service charge applicable thereto,  shall  be  credited  to the final maturing instalments of the retail instalment  contract, provided that no such  credit  need  be  made  if  the  amount  thereof would be less than one dollar; and    (c)  If  the  insurance  is to be procured by the seller or holder, he  shall, within thirty days after delivery of the goods or  furnishing  of  the services under the contract or obligation, deliver, mail or cause to  be  mailed  to the buyer, at his address as specified in the contract or  obligation, a notice thereof or a copy of  the  policy  or  policies  of  insurance or a certificate or certificates of the insurance so procured.    6.  A  contract or obligation may provide for the payment by the buyer  of a delinquency and collection charge on each instalment in default for  a period of not less than ten days in an amount not  in  excess  of  the  rate  provided  for  in  the  contract  or obligation on such instalment  provided that only one such delinquency and  collection  charge  may  be  collected  on  any such instalment regardless of the period during which  it remains in default.    6-a. A provision in a contract or obligation which  provides  for  the  payment  of attorney's fees or the costs of attorney's services incurred  in a legal action or proceeding for collection shall be null and void.    6-b. A provision in a contract or obligation which provides for waiver  of the right to impose any counterclaim  or  offset  arising  out  of  a  breach  of  that  contract or obligation by the seller shall be void and  unenforceable.    7. All of the terms of an obligation need not be contained in a single  document but if they are not then there shall be  an  original  document  executed  by  the  parties containing provisions making it applicable to  purchases of goods or services, which may not exceed a cash  sale  price  of  one hundred seventy-five dollars on each purchase, to be made by the  buyer from time to time from a retail seller, which  document,  together  with  other  written  statements  relating  to the sale of such goods or  services shall constitute  a  retail  instalment  obligation  and  shall  contain the entire agreement of the parties. In such cases, the original  document  shall  contain those items required to be disclosed by the act  of  congress  entitled  "Truth  in  Lending  Act"  and  the  regulationsthereunder, as such act and regulations may from time to time be amended  and shall further contain:    (i) a legend as provided in paragraph (a) of subdivision two hereof,    (ii) a notice to the buyer as provided in paragraph (b) of subdivision  two hereof,    (iii) the names of the seller and the buyer,    (iv) the place of business of the seller and the residence or place of  business of the buyer as specified by the buyer,    (v) the number of instalment payments, and    (vi)  the  amount  or  rate of the credit service charge applicable to  purchases thereunder.    At the time of each purchase under such  document,  the  seller  shall  give  the  buyer  statements  which  shall  contain at the top thereof a  legend in at least eight-point bold type: PART OF  A  RETAIL  INSTALMENT  OBLIGATION  and  an  adequate  description of the goods, accessories and  services sold or furnished (including the make and model, if any, in the  case of goods customarily sold by make  and  model)  and  shall  further  contain  those  items  required  to  be disclosed by the act of congress  entitled "Truth in Lending Act" and the regulations thereunder, as  such  act and regulations may from time to time be amended. If the seller does  not  deliver  to  the  buyer  at  the  time  of each purchase under such  original document a statement in compliance with  the  act  of  congress  entitled  "Truth in Lending Act" and the regulations thereunder, as such  act and regulations may from time to time be amended, the  seller  shall  promptly  thereafter,  and in any event within ten days from the date of  such purchase, deliver, mail or cause to be mailed to the buyer  at  his  address shown on the seller's records, such statement. Unless the seller  does  so,  the  buyer  shall  have an unconditional right to cancel such  purchase and to receive an immediate refund of  any  payments  made  and  re-delivery  of  all  goods  traded in to the seller on account of or in  contemplation of such purchase; upon the written request  of  the  buyer  the  seller  shall  prove  the  accuracy  of  the  calculations  in such  statement.    Such statement with respect to the first such purchase shall, combined  with the original document, constitute the obligation for such purchase;  and, on each succeeding purchase pursuant to such original document, the  obligation therefor as represented by such original  document  and  such  statement  shall  constitute  a subsequent obligation under section four  hundred ten.

State Codes and Statutes

Statutes > New-york > Pep > Article-10 > 402

§  402.  Provisions of retail instalment contracts and obligations. 1.  A retail instalment  contract  or  obligation  shall  be  dated  and  in  writing;  the  printed  portion thereof shall be in at least eight point  type.    2. A contract or obligation shall contain the entire agreement of  the  parties  with  respect to the goods and services, including any promise,  whether made in writing or orally, by the seller, made as an  inducement  to  the  buyer to become a party to the contract or which is part of the  contract or which is made incidental to negotiations between the  seller  and the buyer with respect to the sale of the goods or services that are  the  subject  of the contract, that the seller will compensate the buyer  for referring customers or prospective customers to the seller for goods  or services which the seller has for sale or for referring the seller to  such customers or prospective customers. In any case in which,  pursuant  to  the  preceding  provisions,  the  contract  contains  a  promise  to  compensate the buyer for referring customers or prospective customers to  the seller or the seller to such customers, the contract must contain  a  provision  to  the  effect  that  the  amount  otherwise owing under the  contract at any time is reduced by  the  amount  of  compensation  owing  pursuant to such promise, and:    (a)  Both  at the top of the contract or obligation and directly above  the space reserved for the signature of  the  buyer,  the  words  RETAIL  INSTALMENT CONTRACT or RETAIL INSTALMENT OBLIGATION, as the case may be,  in at least ten point bold type; and    (b)  Either  a  notice  in  at  least eight point bold type reading as  follows:  NOTICE TO THE BUYER: 1. Do not sign this agreement before  you  read  it  or  if  it  contains any blank space. 2. You are entitled to a  completely filled in copy of this agreement. 3. Under the law, you  have  the  right  to  pay off in advance the full amount due and under certain  conditions to obtain a partial refund of the credit service charge or  a  notice  in  at least eight point bold type reading as follows: NOTICE TO  THE BUYER: 1. Do not sign this agreement before you read  it  or  if  it  contains  any blank space. 2. You are entitled to a completely filled in  copy of this agreement. 3. Under the law, you have the right to pay  off  in  advance the full amount due. If you do so, you may, depending on the  nature of the credit service charge, either: (a) prepay without penalty,  or (b) under certain circumstances obtain a rebate of the credit service  charge.    3. A contract or obligation shall:    (a) Contain the names of the  seller  and  the  buyer,  the  place  of  business  of the seller, the residence or place of business of the buyer  as specified by the buyer and an adequate description  of  the  services  and  goods  (including  the make and model, if any, in the case of goods  customarily sold by make and model); and    (b) Set forth the following items:    (1) All items required to be disclosed by the act of congress entitled  "Truth in Lending Act" and the regulations thereunder, as such  act  and  regulations may from time to time be amended;    (2)  If  any  instalment  substantially  exceeds  in  amount any prior  instalment other than the down-payment,  contain  the  following  legend  printed  in  ten  point  bold  type or typewritten: THIS CONTRACT IS NOT  PAYABLE IN INSTALMENTS OF EQUAL AMOUNTS: followed, if there be  but  one  larger  instalment,  by:  AN  INSTALMENT  OF  $..........WILL  BE DUE ON  .........or, if there be more than one  larger  instalment,  by:  LARGER  INSTALMENTS WILL BE DUE AS FOLLOWS.........(insert the amount or amounts  of  every  larger  instalment and its due date.) In the case of a retail  instalment obligation, OBLIGATION shall be substituted for  CONTRACT  in  the  required  legend.  If the credit service charge with respect to thecontract or obligation is calculated pursuant  to  subdivision  four  of  section  four  hundred four of this article, the disclosure provided for  in this subparagraph may be omitted.    4.  No  contract  or  obligation  shall be signed by the buyer when it  contains blank spaces to be filled in after it has been signed; however,  if delivery of the goods is not made at the time of the execution of the  contract or obligation and it so provides, the  identifying  numbers  or  marks  of the goods and the due date of the first instalment may be left  blank and later inserted by the seller in the  seller's  counterpart  of  the contract or obligation after it has been signed by the buyer.    5.  If the cost of any credit unemployment, group credit life or other  insurance is included in the  contract  or  obligation  and  a  separate  charge is made to the buyer for such insurance:    (a) The contract or obligation shall state whether the insurance is to  be procured by the buyer or the seller;    (b)  The  amount,  if  any,  so included for such insurance, shall not  exceed the premiums chargeable in accordance with rate filings made with  the superintendent of insurance for such insurance by the insurer;  and,  if  such  group  credit life or other insurance is cancelled, the refund  for unearned insurance premiums received or receivable by the holder  of  the  contract,  or the excess of the amount included in the contract for  group credit life insurance over the premiums paid  or  payable  by  the  holder  of  the  contract  therefor,  together with, in either case, the  unearned portion of the credit service charge applicable thereto,  shall  be  credited  to the final maturing instalments of the retail instalment  contract, provided that no such  credit  need  be  made  if  the  amount  thereof would be less than one dollar; and    (c)  If  the  insurance  is to be procured by the seller or holder, he  shall, within thirty days after delivery of the goods or  furnishing  of  the services under the contract or obligation, deliver, mail or cause to  be  mailed  to the buyer, at his address as specified in the contract or  obligation, a notice thereof or a copy of  the  policy  or  policies  of  insurance or a certificate or certificates of the insurance so procured.    6.  A  contract or obligation may provide for the payment by the buyer  of a delinquency and collection charge on each instalment in default for  a period of not less than ten days in an amount not  in  excess  of  the  rate  provided  for  in  the  contract  or obligation on such instalment  provided that only one such delinquency and  collection  charge  may  be  collected  on  any such instalment regardless of the period during which  it remains in default.    6-a. A provision in a contract or obligation which  provides  for  the  payment  of attorney's fees or the costs of attorney's services incurred  in a legal action or proceeding for collection shall be null and void.    6-b. A provision in a contract or obligation which provides for waiver  of the right to impose any counterclaim  or  offset  arising  out  of  a  breach  of  that  contract or obligation by the seller shall be void and  unenforceable.    7. All of the terms of an obligation need not be contained in a single  document but if they are not then there shall be  an  original  document  executed  by  the  parties containing provisions making it applicable to  purchases of goods or services, which may not exceed a cash  sale  price  of  one hundred seventy-five dollars on each purchase, to be made by the  buyer from time to time from a retail seller, which  document,  together  with  other  written  statements  relating  to the sale of such goods or  services shall constitute  a  retail  instalment  obligation  and  shall  contain the entire agreement of the parties. In such cases, the original  document  shall  contain those items required to be disclosed by the act  of  congress  entitled  "Truth  in  Lending  Act"  and  the  regulationsthereunder, as such act and regulations may from time to time be amended  and shall further contain:    (i) a legend as provided in paragraph (a) of subdivision two hereof,    (ii) a notice to the buyer as provided in paragraph (b) of subdivision  two hereof,    (iii) the names of the seller and the buyer,    (iv) the place of business of the seller and the residence or place of  business of the buyer as specified by the buyer,    (v) the number of instalment payments, and    (vi)  the  amount  or  rate of the credit service charge applicable to  purchases thereunder.    At the time of each purchase under such  document,  the  seller  shall  give  the  buyer  statements  which  shall  contain at the top thereof a  legend in at least eight-point bold type: PART OF  A  RETAIL  INSTALMENT  OBLIGATION  and  an  adequate  description of the goods, accessories and  services sold or furnished (including the make and model, if any, in the  case of goods customarily sold by make  and  model)  and  shall  further  contain  those  items  required  to  be disclosed by the act of congress  entitled "Truth in Lending Act" and the regulations thereunder, as  such  act and regulations may from time to time be amended. If the seller does  not  deliver  to  the  buyer  at  the  time  of each purchase under such  original document a statement in compliance with  the  act  of  congress  entitled  "Truth in Lending Act" and the regulations thereunder, as such  act and regulations may from time to time be amended, the  seller  shall  promptly  thereafter,  and in any event within ten days from the date of  such purchase, deliver, mail or cause to be mailed to the buyer  at  his  address shown on the seller's records, such statement. Unless the seller  does  so,  the  buyer  shall  have an unconditional right to cancel such  purchase and to receive an immediate refund of  any  payments  made  and  re-delivery  of  all  goods  traded in to the seller on account of or in  contemplation of such purchase; upon the written request  of  the  buyer  the  seller  shall  prove  the  accuracy  of  the  calculations  in such  statement.    Such statement with respect to the first such purchase shall, combined  with the original document, constitute the obligation for such purchase;  and, on each succeeding purchase pursuant to such original document, the  obligation therefor as represented by such original  document  and  such  statement  shall  constitute  a subsequent obligation under section four  hundred ten.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Pep > Article-10 > 402

§  402.  Provisions of retail instalment contracts and obligations. 1.  A retail instalment  contract  or  obligation  shall  be  dated  and  in  writing;  the  printed  portion thereof shall be in at least eight point  type.    2. A contract or obligation shall contain the entire agreement of  the  parties  with  respect to the goods and services, including any promise,  whether made in writing or orally, by the seller, made as an  inducement  to  the  buyer to become a party to the contract or which is part of the  contract or which is made incidental to negotiations between the  seller  and the buyer with respect to the sale of the goods or services that are  the  subject  of the contract, that the seller will compensate the buyer  for referring customers or prospective customers to the seller for goods  or services which the seller has for sale or for referring the seller to  such customers or prospective customers. In any case in which,  pursuant  to  the  preceding  provisions,  the  contract  contains  a  promise  to  compensate the buyer for referring customers or prospective customers to  the seller or the seller to such customers, the contract must contain  a  provision  to  the  effect  that  the  amount  otherwise owing under the  contract at any time is reduced by  the  amount  of  compensation  owing  pursuant to such promise, and:    (a)  Both  at the top of the contract or obligation and directly above  the space reserved for the signature of  the  buyer,  the  words  RETAIL  INSTALMENT CONTRACT or RETAIL INSTALMENT OBLIGATION, as the case may be,  in at least ten point bold type; and    (b)  Either  a  notice  in  at  least eight point bold type reading as  follows:  NOTICE TO THE BUYER: 1. Do not sign this agreement before  you  read  it  or  if  it  contains any blank space. 2. You are entitled to a  completely filled in copy of this agreement. 3. Under the law, you  have  the  right  to  pay off in advance the full amount due and under certain  conditions to obtain a partial refund of the credit service charge or  a  notice  in  at least eight point bold type reading as follows: NOTICE TO  THE BUYER: 1. Do not sign this agreement before you read  it  or  if  it  contains  any blank space. 2. You are entitled to a completely filled in  copy of this agreement. 3. Under the law, you have the right to pay  off  in  advance the full amount due. If you do so, you may, depending on the  nature of the credit service charge, either: (a) prepay without penalty,  or (b) under certain circumstances obtain a rebate of the credit service  charge.    3. A contract or obligation shall:    (a) Contain the names of the  seller  and  the  buyer,  the  place  of  business  of the seller, the residence or place of business of the buyer  as specified by the buyer and an adequate description  of  the  services  and  goods  (including  the make and model, if any, in the case of goods  customarily sold by make and model); and    (b) Set forth the following items:    (1) All items required to be disclosed by the act of congress entitled  "Truth in Lending Act" and the regulations thereunder, as such  act  and  regulations may from time to time be amended;    (2)  If  any  instalment  substantially  exceeds  in  amount any prior  instalment other than the down-payment,  contain  the  following  legend  printed  in  ten  point  bold  type or typewritten: THIS CONTRACT IS NOT  PAYABLE IN INSTALMENTS OF EQUAL AMOUNTS: followed, if there be  but  one  larger  instalment,  by:  AN  INSTALMENT  OF  $..........WILL  BE DUE ON  .........or, if there be more than one  larger  instalment,  by:  LARGER  INSTALMENTS WILL BE DUE AS FOLLOWS.........(insert the amount or amounts  of  every  larger  instalment and its due date.) In the case of a retail  instalment obligation, OBLIGATION shall be substituted for  CONTRACT  in  the  required  legend.  If the credit service charge with respect to thecontract or obligation is calculated pursuant  to  subdivision  four  of  section  four  hundred four of this article, the disclosure provided for  in this subparagraph may be omitted.    4.  No  contract  or  obligation  shall be signed by the buyer when it  contains blank spaces to be filled in after it has been signed; however,  if delivery of the goods is not made at the time of the execution of the  contract or obligation and it so provides, the  identifying  numbers  or  marks  of the goods and the due date of the first instalment may be left  blank and later inserted by the seller in the  seller's  counterpart  of  the contract or obligation after it has been signed by the buyer.    5.  If the cost of any credit unemployment, group credit life or other  insurance is included in the  contract  or  obligation  and  a  separate  charge is made to the buyer for such insurance:    (a) The contract or obligation shall state whether the insurance is to  be procured by the buyer or the seller;    (b)  The  amount,  if  any,  so included for such insurance, shall not  exceed the premiums chargeable in accordance with rate filings made with  the superintendent of insurance for such insurance by the insurer;  and,  if  such  group  credit life or other insurance is cancelled, the refund  for unearned insurance premiums received or receivable by the holder  of  the  contract,  or the excess of the amount included in the contract for  group credit life insurance over the premiums paid  or  payable  by  the  holder  of  the  contract  therefor,  together with, in either case, the  unearned portion of the credit service charge applicable thereto,  shall  be  credited  to the final maturing instalments of the retail instalment  contract, provided that no such  credit  need  be  made  if  the  amount  thereof would be less than one dollar; and    (c)  If  the  insurance  is to be procured by the seller or holder, he  shall, within thirty days after delivery of the goods or  furnishing  of  the services under the contract or obligation, deliver, mail or cause to  be  mailed  to the buyer, at his address as specified in the contract or  obligation, a notice thereof or a copy of  the  policy  or  policies  of  insurance or a certificate or certificates of the insurance so procured.    6.  A  contract or obligation may provide for the payment by the buyer  of a delinquency and collection charge on each instalment in default for  a period of not less than ten days in an amount not  in  excess  of  the  rate  provided  for  in  the  contract  or obligation on such instalment  provided that only one such delinquency and  collection  charge  may  be  collected  on  any such instalment regardless of the period during which  it remains in default.    6-a. A provision in a contract or obligation which  provides  for  the  payment  of attorney's fees or the costs of attorney's services incurred  in a legal action or proceeding for collection shall be null and void.    6-b. A provision in a contract or obligation which provides for waiver  of the right to impose any counterclaim  or  offset  arising  out  of  a  breach  of  that  contract or obligation by the seller shall be void and  unenforceable.    7. All of the terms of an obligation need not be contained in a single  document but if they are not then there shall be  an  original  document  executed  by  the  parties containing provisions making it applicable to  purchases of goods or services, which may not exceed a cash  sale  price  of  one hundred seventy-five dollars on each purchase, to be made by the  buyer from time to time from a retail seller, which  document,  together  with  other  written  statements  relating  to the sale of such goods or  services shall constitute  a  retail  instalment  obligation  and  shall  contain the entire agreement of the parties. In such cases, the original  document  shall  contain those items required to be disclosed by the act  of  congress  entitled  "Truth  in  Lending  Act"  and  the  regulationsthereunder, as such act and regulations may from time to time be amended  and shall further contain:    (i) a legend as provided in paragraph (a) of subdivision two hereof,    (ii) a notice to the buyer as provided in paragraph (b) of subdivision  two hereof,    (iii) the names of the seller and the buyer,    (iv) the place of business of the seller and the residence or place of  business of the buyer as specified by the buyer,    (v) the number of instalment payments, and    (vi)  the  amount  or  rate of the credit service charge applicable to  purchases thereunder.    At the time of each purchase under such  document,  the  seller  shall  give  the  buyer  statements  which  shall  contain at the top thereof a  legend in at least eight-point bold type: PART OF  A  RETAIL  INSTALMENT  OBLIGATION  and  an  adequate  description of the goods, accessories and  services sold or furnished (including the make and model, if any, in the  case of goods customarily sold by make  and  model)  and  shall  further  contain  those  items  required  to  be disclosed by the act of congress  entitled "Truth in Lending Act" and the regulations thereunder, as  such  act and regulations may from time to time be amended. If the seller does  not  deliver  to  the  buyer  at  the  time  of each purchase under such  original document a statement in compliance with  the  act  of  congress  entitled  "Truth in Lending Act" and the regulations thereunder, as such  act and regulations may from time to time be amended, the  seller  shall  promptly  thereafter,  and in any event within ten days from the date of  such purchase, deliver, mail or cause to be mailed to the buyer  at  his  address shown on the seller's records, such statement. Unless the seller  does  so,  the  buyer  shall  have an unconditional right to cancel such  purchase and to receive an immediate refund of  any  payments  made  and  re-delivery  of  all  goods  traded in to the seller on account of or in  contemplation of such purchase; upon the written request  of  the  buyer  the  seller  shall  prove  the  accuracy  of  the  calculations  in such  statement.    Such statement with respect to the first such purchase shall, combined  with the original document, constitute the obligation for such purchase;  and, on each succeeding purchase pursuant to such original document, the  obligation therefor as represented by such original  document  and  such  statement  shall  constitute  a subsequent obligation under section four  hundred ten.