2015 GNYADA MEMBERSHIP DIRECTORY

FAILURE TO POST REFUND SIGN RESULTS IN FINES

The NYC Department of Consumer Affairs has been inspecting dealerships and issuing violations if no refund signs are posted. New York law requires retail establishments, including dealers, to display the dealership’s refund policies conspicuously. Dealers have several options regarding where to disclose the required information. Failure to properly display your refund policy may result in having to provide customers a full refund (cash or credit/customer’s option) if they request such refund within 30 days from the date of purchase.

HOT TOPICS 2015 GNYADA Membership Directory 139

Options for posting your Refund Policy: • on a sign attached to the item itself • on a sign attached to the cash register or point of sale • on a sign clearly visible to the buyer from the cash register; or • on a sign posted at each store entrance used by the public.

Your refund signmust disclose whether it is your policy to provide refunds and if so, under what circumstances a refund will be given including whether a refund will be provided: • on sale or as is items • if the customer no longer has proof of purchase documentation • within a specific time period • as cash, credit or store credit; or • whether re-stocking fees will be imposed (if so, the dollar amount or percentage amount of such fee) Refund policy signs must also include a statement advising customers that they are entitled to a written copy of the dealership’s refund policy upon request. Some villages and towns may impose additional disclosure

requirements, but only if they afford customers’ greater protections than state law. Dealers should include refund policy signs on their list of required compliance postings in each dealership.