N.Y. General Business Law 252 – Definitions
§ 252. Definitions. For purposes of this article:
Terms Used In N.Y. General Business Law 252
- Lineal descendant: Direct descendant of the same ancestors.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Personal property: All property that is not real property.
(a) The term "consumer" means an individual.
(b) The term "creditor' means a person regularly engaged in the business of making loans.
(c) The term "seller" means a person who sells or agrees to sell personal property or furnishes or renders or agrees to furnish or render services.
(d) The term "consumer loan" means a loan of money by a creditor to a consumer for which the consumer's obligation is payable in installments or for which a finance or other charge is or may be imposed.
(e) The term "consumer sale" means a sale by a seller to a consumer of personal property or services for personal, family or household purposes.
(f) The term "person related to the seller" means with respect to an individual seller:
(1) the spouse of the seller;
(2) a brother, brother-in-law, sister or sister-in-law of the seller;
(3) an ancestor or lineal descendant of the seller or his spouse; and
(4) any other relative, by blood or marriage of the seller or his spouse who shares a residence with the seller.
(g) The term "person related to the seller" means with respect to any other seller:
(1) a person directly or indirectly controlling, controlled by or under common control with the seller;
(2) an officer or director of the seller, or a person performing similar functions with respect to the seller; the spouse of any such person; and any other relative by blood or marriage of any such person who shares a residence with such person.
(h) A creditor who is not an individual shall be a "person related to the seller" if an officer of the creditor or a person performing similar functions, whose duties include participation in or supervision over the consumer loan the proceeds of which were primarily used in the consumer sale, is a person related to the seller under (f) and (g) of this section.