New York § 574 - 574Credit upon anticipation of payments
Full text of New York New York Consolidated Laws § 574 — 574Credit upon anticipation of payments, with citation guidance and answers to common questions.
§ 574. 574Credit upon anticipation of payments
§ 574. Credit upon anticipation of payments. 1. Notwithstanding the provisions of any premium finance agreement to the contrary, any insured may pay it in full at any time before the maturity of the final instalment of the balance thereof and, if he does so and the agreement included an amount for service charge, shall receive and be entitled to receive for such anticipation a refund credit thereon. 2. The amount of any such refund credit shall represent at least as great a proportion of the service charge, if any, as the sum of the periodic balances after the month in which prepayment is made bears to the sum of all periodic balances under the schedule of instalments in the agreement. Such refund shall be computed in the service charge exclusive of the additional charge. Where the amount of the refund credit for anticipation of payment is less than one dollar, no refund need be made.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 574
What does New York Consolidated Laws § 574 cover?
Section 574 ("574Credit upon anticipation of payments") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 574?
A common citation format is "New York Consolidated Laws § 574" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 574 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.