N.Y. General Business Law § 600 : General Business — Debt Collection Procedures — Definitions

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Current through 2016 New York Laws, Chapters 1 to 237

As used in this article, unless the context or subject matter otherwise requires:

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. The 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 said person, firm, corporation or organization.
N.Y. Gen. Bus. Law § 600
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