N.Y. General Business Law 706 – Notice to consumer of this act
§ 706. Notice to consumer of this act. Not later than sixty days after the effective date of this act, a creditor shall send to each consumer, whose account was in existence on the effective date of this act, and with or before the first billing statement on any consumer credit plan issued or offered to a new consumer after the effective date of this act and upon each subsequent renewal of a consumer's account a written notice (by any means reasonably assuring the receipt thereof by the consumer) which describes the procedures to be followed under section seven hundred three of this act. Provided, however, that with respect to an existing account on which there is no debit or credit balance on the effective date of this act, a creditor shall have the option of sending such notice with or before the first billing statement issued on such account after the effective date of this act.
Terms Used In N.Y. General Business Law 706
- Consumer: means a natural person. See N.Y. General Business Law 701
- Consumer credit: means credit extended to a consumer, primarily for personal, family or household purposes, pursuant to a plan under which the creditor may permit the consumer 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. See N.Y. General Business Law 701
- 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 701