N.Y. General Business Law 717 – Definitions
§ 717. Definitions. Whenever used in this article:
Terms Used In N.Y. General Business Law 717
- Consumer credit: means credit extended to an obligor on an account pursuant to a plan under which (a) the creditor may permit the obligor to make purchases or obtain loans, from time to time, directly from the creditor or indirectly by use of a credit card, check, or other device, as the plan may provide; (b) the customer has the privilege of paying the balance in full or in installments; and (c) a finance charge may be computed by the creditor from time to time on an outstanding unpaid balance. See N.Y. General Business Law 717
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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 717
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligor: means a natural person. See N.Y. General Business Law 717
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
1. "Obligor" means a natural person.
2. "Creditor" means a person, partnership, corporation, association or other entity who in the ordinary course of business, regularly extends consumer credit. The term creditor includes any agent of a creditor for collection, processing or other purposes.
3. "Consumer credit" means credit extended to an obligor on an account pursuant to a plan under which (a) the creditor may permit the obligor to make purchases or obtain loans, from time to time, directly from the creditor or indirectly by use of a credit card, check, or other device, as the plan may provide; (b) the customer has the privilege of paying the balance in full or in installments; and (c) a finance charge may be computed by the creditor from time to time on an outstanding unpaid balance. The term does not include negotiated advances under an open end real estate mortgage or a letter of credit.
4. "Interest" means that part of the entire amount agreed to be paid for the purchase made or loan advanced which exceeds the aggregate of the cash value of such purchases or loans and is deemed to include service charges, time-price charges and per check charges.