N.Y. Comp. Codes R. & Regs. tit. 3 § 401.10

Current through Register Vol. 46, No. 43, October 23, 2024

Section 401.10 - Computation of interest or charges

(a) In computing interest on the amount financed or in precomputing interest, fractions of a month shall be computed on the basis of the actual number of days; each day in the fraction shall be considered as 1/30 of a month, and the rate of charge for each day shall be 1/30 of the monthly rate.

(b) In fixing the date of the first installment beyond one month, a licensee shall determine the number of days in excess of one month by:

(1) using the unit period, as defined in Appendix J of Regulation Z, measuring back from installment due date. All months shall be considered equal. Full months shall be measured from any point in time on a given date to the same point in time on the same date of another month.

(2) measuring the number of days forward from the loan date to the beginning of the first full unit period. The amount of the first installment may be increased by the amount of interest for the number of days in excess of one month.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 401.10