N.Y. General Business Law Section 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.

Source: Section 710 — Definitions, https://www.­nysenate.­gov/legislation/laws/GBS/710 (updated Sep. 22, 2014; accessed Nov. 1, 2025).

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Verified:
Nov. 1, 2025

Last modified:
Sep. 22, 2014

§ 710. Definitions's source at nysenate​.gov

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