§ 704. Permissible procedures by creditor. Notwithstanding the receipt by a creditor of a notice from a consumer as described in section seven hundred three of this act, a creditor may, subject to the provisions of section seven hundred seven of this act, transmit statements of account to the consumer which include an amount believed by the consumer to be a billing error, and the creditor, further, may undertake collection procedures not attributable to such consumer's failure to pay, nor directed at, such disputed amount.

Terms Used In N.Y. General Business Law 704

  • 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
  • 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
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