|§ 703||Notice of Error and Response|
|§ 704||Permissible Procedures by Creditor|
|§ 705||Statement to Contain Instructions for Notification of Error|
|§ 706||Notice to Consumer of This Act|
Terms Used In New York Laws > General Business > Article 34 - Creditor Billing Errors
- Billing error: means the initial occurrence of an error by omission or commission by the creditor in a billing statement given to the consumer by the creditor in (a) posting any debit or credit or (b) the computation of any amount or (c) any similar error of an accounting nature or (d) posting any debit for goods which were not received by the consumer as required by the provisions of subdivision fourteen of § 413 of the personal property law. See N.Y. General Business Law 701
- 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
- Continuance: Putting off of a hearing ot trial until a later time.
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC