N.Y. General Business Law 715 – Disposition of unclaimed credit balances
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§ 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 thereafter shall be transferred to the New York state department of audit and control to be held pursuant to the provisions of the New York abandoned property law.
Terms Used In N.Y. General Business Law 715
- 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
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC