Statute · New York General Business Law
N.Y. Gen. Bus. Law § 710 — Definitions
N.Y. Gen. Bus. Law § 710
- Type
- Statute
- Source
- New York General Business Law
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 710. Definitions. Whenever used in this article:
Citator
N.Y. Gen. Bus. Law § 710 — Definitions is in force in the current edition of the Code, and nothing recorded condemns it.
§ 710. Definitions. Whenever used in this article:
1. "Consumer" 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 a consumer on an account pursuant to a plan under which the creditor may permit the customer 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. The term does not include negotiated advances under an open end real estate mortgage or a letter of credit.
4. "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.