DFS Superintendent Vullo Issues Consumer Alert Regarding Rent-To-Own and Land Installment Contracts


Alternative Home Purchase Agreements May Violate New York Laws and Regulations

Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has issued a consumer alert warning New Yorkers about the pitfalls of rent-to-own or land installment contracts, factors to consider before signing a contract, and how to get legal help if needed. The consumer alert was prompted by a current DFS investigation into whether alternative home purchase agreements, such as rent-to-own, lease-to-own or land installment contracts, being offered in New York constitute unlicensed, predatory mortgage lending. Superintendent Vullo urges all New Yorkers to use caution before entering into any rent-to-own or any other form of alternative home purchase finance agreement.

Albany, NY
United States