Statute · New York General Business Law
N.Y. Gen. Bus. Law § 711 — Transfer of credit balances prohibited
N.Y. Gen. Bus. Law § 711
- Type
- Statute
- Source
- New York General Business Law
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 711. Transfer of credit balances prohibited. No creditor shall write-off, delete or transfer any credit balance greater than one dollar from a consumer credit account except to the extent that the consumer has either received a cash refund or made offsetting purchases. Provided, however, that…
Citator
N.Y. Gen. Bus. Law § 711 — Transfer of credit balances prohibited is in force in the current edition of the Code, and nothing recorded condemns it.
§ 711. Transfer of credit balances prohibited. No creditor shall write-off, delete or transfer any credit balance greater than one dollar from a consumer credit account except to the extent that the consumer has either received a cash refund or made offsetting purchases. Provided, however, that nothing herein shall prevent the creditor from deleting a credit balance created through an error.