N.Y. General Business Law 458-E – Advance fees prohibited
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§ 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.
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