New York § 718 - 718Annual interest statements
Full text of New York New York Consolidated Laws § 718 — 718Annual interest statements, with citation guidance and answers to common questions.
§ 718. 718Annual 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.
Frequently Asked Questions About New York § 718
What does New York Consolidated Laws § 718 cover?
Section 718 ("718Annual interest statements") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 718?
A common citation format is "New York Consolidated Laws § 718" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 718 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.