§ 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 credit balance created through an error.

Terms Used In N.Y. General Business Law 711

  • Consumer: means a natural person. See N.Y. General Business Law 710
  • Credit balance: means any money or credit owed to, or held for the benefit of, a consumer by a creditor on a consumer credit account, whether resulting from an overpayment or return of merchandise by the consumer, or otherwise. See N.Y. General Business Law 710
  • 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 710
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