1. Every statement reflecting a credit balance in favor of the consumer shall contain a clear and conspicuous notice stating the right of the consumer to request and receive a refund of the full credit balance, together with the address to which such request may be sent.
Terms Used In N.Y. General Business Law 713
- 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
2. Every creditor shall refund the full credit balance by cash or check within thirty days of receipt of such request.