N.Y. General Business Law § 718: Annual interest statements

§ 718. Annual interest statements. 1. The creditor of any account

under a consumer credit plan on which interest aggregating fifty dollars

or more has been paid in any calendar year and who maintains a

computerized or otherwise automated electronic system for the issuance

of periodic billing statements in the ordinary course of business shall

furnish to the obligor a notice capable of being marked and returned to

the creditor which, upon being marked and returned, shall require

issuance of a statement of the aggregate interest charges paid by such

obligor. Such statement shall be issued on or before February fifteenth

in the following year.

2. Notwithstanding the provisions of subdivision one of this section,

a creditor may satisfy the requirements imposed therein by providing

such a statement printed clearly and conspicuously on a periodic billing

statement provided in the creditor's ordinary course of business,

provided that such billing statement is furnished to the obligor on or

before February fifteenth of the year following the year in which the

interest charges were imposed.