As used in this article, the following terms shall have the
meanings indicated:
APR
The annual percentage rating used by credit companies to
calculate interest on a purchase.
LAYAWAY PROGRAM
Any program offered by a retail store which allows customers
to purchase an item by paying in installments over a fixed period
of time and picking up the item upon remitting a final payment.
RETAIL STORE
Any store, including stores whose primary sales product is
merchandise of a general nature, selling merchandise at retail. A
store which is not open to the general public but is reserved for
use by its members shall come within the provisions of this definition
unless the members must pay a direct fee to the store to qualify for
membership and the store is not required to collect sales tax on transactions
with members.
Any retail store offering a layaway program in the County of
Suffolk shall post a conspicuous sign, containing all capital letters
no less than one inch in height on a contrasting background posted
at the points of sale for layaway purchases, stating "NOTICE OF LAYAWAY
PROGRAM FEES, AS REQUIRED UNDER SUFFOLK COUNTY LAW" and shall include
the following information regarding the retail store's layaway
program, in the same font, size and color on a contrasting background:
B. The downpayment requirement for a layaway purchase;
C. The cancellation fee for a layaway purchase;
D. Any additional fees associated with a layaway purchase or cancellation;
and
E. The APR which would be charged by a credit company to receive the
same cash value of the fees levied on a layaway purchase of $70, $100,
and $200.
This article shall be enforced by the Department of Consumer
Affairs.
The Commissioner of the Department of Consumer Affairs is hereby
authorized and empowered to issue and promulgate such rules and regulations
as he or she may deem necessary for the implementation and enforcement
of this article.
This article shall apply to all retail stores which offer year-round,
seasonal or limited-time layaway programs which are in effect on or
after the effective date of this article.
This article shall be null and void on the same day that statewide
or federal legislation goes into effect, incorporating either the
same or substantially similar provisions as are contained in this
article, or in the event that a pertinent state or federal administrative
agency issues and promulgates regulations preempting such action by
the County of Suffolk. The County Legislature may determine, via mere
resolution, whether or not identical or substantially similar statewide
or federal legislation has been enacted for the purposes of triggering
the provisions of this section.