§ 710. Definitions. Whenever used in this article: 1. “Consumer” means a natural person. 2. “Creditor” means a person, partnership, corporation, association or other entity who, in the ordinary course of business, regularly extends consumer credit. The term creditor includes any agent of a creditor for collection, processing or other purposes. 3. “Consumer credit” means […]
§ 711. Transfer of credit balances prohibited. No creditor shall write-off, delete or transfer any credit balance greater than one dollar from a consumer credit account except to the extent that the consumer has either received a cash refund or made offsetting purchases. Provided, however, that nothing herein shall prevent the creditor from deleting a […]
§ 712. Mailing of statements of credit account balances. Each creditor shall provide every holder of a consumer credit account with a statement setting forth any credit balance greater than one dollar at the end of the billing cycle in which such balance is first posted, unless such balances have already been refunded, and thereafter […]
§ 713. Required notice in credit account statements; refund of balances. 1. Every statement reflecting a credit balance in favor of the consumer shall contain a clear and conspicuous notice stating the right of the consumer to request and receive a refund of the full credit balance, together with the address to which such request […]
§ 714. Automatic refund of credit balances. Where a credit balance greater than one dollar exists, and where no purchases, payments or other transactions (other than the imposition of service, membership or other administrative charges) occur with respect to a consumer credit account for six consecutive billing cycles, the creditor shall refund the full amount […]
§ 715. Disposition of unclaimed credit balances. In the event the creditor, after due diligence, cannot locate a consumer to make a credit balance refund pursuant to this article, such money shall be retained in a separate trust account to be maintained by the creditor for such purpose for a period of three years and […]
§ 716. Violations and penalties. Whenever there shall be a violation of this section, an application may be made by the attorney general in the name of the people of the state of New York to a court or justice having jurisdiction to issue an injunction, and upon notice to the defendant of not less […]
