Each creditor shall provide every holder of a consumer credit account with a statement setting forth any credit balance greater than one dollar at the end of the billing cycle in which such balance is first posted, unless such balances have already been refunded, and thereafter at least once in every three billing cycles.

Terms Used In N.Y. General Business Law 712

  • 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