N.Y. General Business Law § 706: Notice to consumer of this act

§ 706. Notice to consumer of this act. Not later than sixty days after

the effective date of this act, a creditor shall send to each consumer,

whose account was in existence on the effective date of this act, and

with or before the first billing statement on any consumer credit plan

issued or offered to a new consumer after the effective date of this act

and upon each subsequent renewal of a consumer's account a written

notice (by any means reasonably assuring the receipt thereof by the

consumer) which describes the procedures to be followed under section

seven hundred three of this act. Provided, however, that with respect to

an existing account on which there is no debit or credit balance on the

effective date of this act, a creditor shall have the option of sending

such notice with or before the first billing statement issued on such

account after the effective date of this act.