§ 458-e. Advance fees prohibited. It is hereby declared to be an unfair and deceptive trade practice and unlawful for a credit services business to receive or collect from a consumer any fee in advance of the performance of those services specified in the contract as required by section four hundred fifty-eight-f of this chapter.

Ask a bankruptcy law question, get an answer ASAP!
Thousands of highly rated, verified bankruptcy lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In N.Y. General Business Law 458-E

  • Consumer: means any natural person who is solicited to purchase or who purchases the services of a credit services business. See N.Y. General Business Law 458-B
  • Contract: A legal written agreement that becomes binding when signed.
  • Credit services business: means any person who sells, provides, or performs, or represents that he can or will sell, provide or perform, a service for the express or implied purpose of improving a consumer's credit record, history, or rating or providing advice or assistance to a consumer with regard to the consumer's credit record history or rating in return for the payment of a fee. See N.Y. General Business Law 458-B