N.Y. General Business Law § 604: Definitions

§ 604. Definitions. As used in this article, the following terms shall

have the following meanings:

1. "Consumer claim" means any obligation of a natural person for the

payment of money or its equivalent which is or is alleged to be in

default and which arises out of a transaction wherein credit has been

offered or extended to a natural person, and the money, property or

service which was the subject of the transaction was primarily for

personal, family or household purposes. Such term includes an obligation

of a natural person who is a co-maker, endorser, guarantor or surety as

well as the natural person to whom such credit was originally extended.

2. "Debtor" means any natural person who owes or who is asserted to

owe a consumer claim.

3. "Principal creditor" means any person, firm, corporation or

organization to whom a consumer claim is owed, due or asserted to be due

or owed, or any assignee for value of such person, firm, corporation or

organization. Such term shall include any person, firm or corporation

engaged in business, the principal purpose of which is to regularly

collect or attempt to collect debts obtained by or assigned to such

person, firm or corporation, that are in default when obtained or

acquired by such person, firm or corporation.