Terms Used In New York Laws > General Business > Article 29-H - Debt Collection Procedures

• Allegation: something that someone says happened.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Communication: shall mean the conveying of information regarding a debt directly or indirectly to any person through any medium. See N.Y. General Business Law 600
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Consumer claim: means any obligation of a natural person for the payment of money or its equivalent which is or is alleged to be in default and which arises out of a transaction wherein credit has been offered or extended to a natural person, and the money, property or service which was the subject of the transaction was primarily for personal, family or household purposes. See N.Y. General Business Law 600
• Debt: means any obligation or alleged obligation of a consumer to pay money arising out of a transaction in which the money, property, insurance, or services which are the subject of the transaction are primarily for personal, family, or household purposes, whether or not such obligation has been reduced to judgment. See N.Y. General Business Law 600
• Debt collector: means an individual who, as part of his or her job, regularly collects or attempts to collect debts: (a) owed or due or asserted to be owed or due to another; or (b) obtained by, or assigned to, such person, firm or corporation, that are in default when obtained or acquired by such person, firm or corporation. See N.Y. General Business Law 600
• Debtor: means any natural person who owes or who is asserted to owe a consumer claim. See N.Y. General Business Law 600
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Personal property: All property that is not real property.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Principal creditor: means any person, firm, corporation or organization to whom a consumer claim is owed, due or asserted to be due or owed, or any assignee for value of said person, firm, corporation or organization. See N.Y. General Business Law 600
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Subpoena: A command to a witness to appear and give testimony.