Statute · New York General Business Law
N.Y. Gen. Bus. Law § 714 — Automatic refund of credit balances
N.Y. Gen. Bus. Law § 714
- Type
- Statute
- Source
- New York General Business Law
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 714. Automatic refund of credit balances. Where a credit balance greater than one dollar exists, and where no purchases, payments or other transactions (other than the imposition of service, membership or other administrative charges) occur with respect to a consumer credit account for six…
Citator
N.Y. Gen. Bus. Law § 714 — Automatic refund of credit balances is in force in the current edition of the Code, and nothing recorded condemns it.
§ 714. Automatic refund of credit balances. Where a credit balance greater than one dollar exists, and where no purchases, payments or other transactions (other than the imposition of service, membership or other administrative charges) occur with respect to a consumer credit account for six consecutive billing cycles, the creditor shall refund the full amount of such credit balance by cash or check within thirty days after the end of such period of inactivity.