N.Y. General Business Law 718 – Annual interest statements
§ 718. Annual interest statements. 1. The creditor of any account under a consumer credit plan on which interest aggregating fifty dollars or more has been paid in any calendar year and who maintains a computerized or otherwise automated electronic system for the issuance of periodic billing statements in the ordinary course of business shall furnish to the obligor a notice capable of being marked and returned to the creditor which, upon being marked and returned, shall require issuance of a statement of the aggregate interest charges paid by such obligor. Such statement shall be issued on or before February fifteenth in the following year.
Terms Used In N.Y. General Business Law 718
- Consumer credit: means credit extended to an obligor on an account pursuant to a plan under which (a) the creditor may permit the obligor to make purchases or obtain loans, from time to time, directly from the creditor or indirectly by use of a credit card, check, or other device, as the plan may provide; (b) the customer has the privilege of paying the balance in full or in installments; and (c) a finance charge may be computed by the creditor from time to time on an outstanding unpaid balance. See N.Y. General Business Law 717
- Creditor: means a person, partnership, corporation, association or other entity who in the ordinary course of business, regularly extends consumer credit. See N.Y. General Business Law 717
- Interest: means that part of the entire amount agreed to be paid for the purchase made or loan advanced which exceeds the aggregate of the cash value of such purchases or loans and is deemed to include service charges, time-price charges and per check charges. See N.Y. General Business Law 717
- Obligor: means a natural person. See N.Y. General Business Law 717
2. Notwithstanding the provisions of subdivision one of this section, a creditor may satisfy the requirements imposed therein by providing such a statement printed clearly and conspicuously on a periodic billing statement provided in the creditor's ordinary course of business, provided that such billing statement is furnished to the obligor on or before February fifteenth of the year following the year in which the interest charges were imposed.