2014 New York Laws
GBS - General Business
Article 34-B - (717 - 719) ANNUAL CREDIT INTEREST STATEMENTS
717 - Definitions.

 717. Definitions. Whenever used in this article:
1. "Obligor" 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 an obligor on an account
  pursuant  to  a plan under which (a) the creditor may permit the obligor
  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; (b) the customer has the  privilege  of  paying
  the  balance in full or in installments; and (c) a finance charge may be
  computed by the creditor from time to  time  on  an  outstanding  unpaid
  balance. The term does not include negotiated advances under an open end
  real estate mortgage or a letter of credit.
4.  "Interest"  means that part of the entire amount agreed to be paid
  for the purchase made or loan advanced which exceeds  the  aggregate  of
  the  cash  value  of  such  purchases  or loans and is deemed to include
  service charges, time-price charges and per check charges.