N.Y. Banking Law § 574

§ 574. Credit upon anticipation of payments. 1. Notwithstanding the\nprovisions of any premium finance agreement to the contrary, any insured\nmay pay it in full at any time before the maturity of the final\ninstalment of the balance thereof and, if he does so and the agreement\nincluded an amount for service charge, shall receive and be entitled to\nreceive for such anticipation a refund credit thereon.\n 2. The amount of any such refund credit shall represent at least as\ngreat a proportion of the service charge, if any, as the sum of the\nperiodic balances after the month in which prepayment is made bears to\nthe sum of all periodic balances under the schedule of instalments in\nthe agreement. Such refund shall be computed in the service charge\nexclusive of the additional charge. Where the amount of the refund\ncredit for anticipation of payment is less than one dollar, no refund\nneed be made.\n