N.Y.
General Business Law Section 252
Definitions
(a)
The term “consumer” means an individual.(b)
The term "creditor’ means a person regularly engaged in the business of making loans.(c)
The term “seller” means a person who sells or agrees to sell personal property or furnishes or renders or agrees to furnish or render services.(d)
The term “consumer loan” means a loan of money by a creditor to a consumer for which the consumer’s obligation is payable in installments or for which a finance or other charge is or may be imposed.(e)
The term “consumer sale” means a sale by a seller to a consumer of personal property or services for personal, family or household purposes.(f)
The term “person related to the seller” means with respect to an individual seller:(1)
the spouse of the seller;(2)
a brother, brother-in-law, sister or sister-in-law of the seller;(3)
an ancestor or lineal descendant of the seller or his spouse; and(4)
any other relative, by blood or marriage of the seller or his spouse who shares a residence with the seller.(g)
The term “person related to the seller” means with respect to any other seller:(1)
a person directly or indirectly controlling, controlled by or under common control with the seller;(2)
an officer or director of the seller, or a person performing similar functions with respect to the seller; the spouse of any such person; and any other relative by blood or marriage of any such person who shares a residence with such person.(h)
A creditor who is not an individual shall be a “person related to the seller” if an officer of the creditor or a person performing similar functions, whose duties include participation in or supervision over the consumer loan the proceeds of which were primarily used in the consumer sale, is a person related to the seller under (f) and (g) of this section.
Source:
Section 252 — Definitions, https://www.nysenate.gov/legislation/laws/GBS/252 (updated Sep. 22, 2014; accessed Dec. 21, 2024).
