N.Y. Gen. Oblig. Law § 5-328 Processing Fee By Holder of Dishonored Check

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 777
• Year: 2023
• Citation: N.Y. Gen. Oblig. Law § 5-328

1. As used in this section the following terms shall have the following meanings:

(a) "Holder of a check" means the holder or its assignee, representative or any other person retained by the holder to seek collection of the face value of a dishonored check.

(b) "Dishonored check" means a check, draft or like instrument drawn on a bank or depository institution as full or partial payment for an unpaid balance on an account, or for other extensions of credit or payments of money in connection with a consumer transaction, which is not paid or is dishonored or is returned by such institution due to insufficient funds or other cause not attributable to the holder.

(c) "Consumer transaction" means a transaction in which a natural person is extended credit for, or purchases or leases, personal property, money or services primarily for personal, family or household purposes.

(d) "Account" means a loan account, a retail credit account or an obligation under a retail lease agreement, retail instalment contract or retail instalment obligation or a retail instalment credit agreement, as defined in sections three hundred one three hundred thirty-one and four hundred one of the personal property law.