N.Y. General Business Law § 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.