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This entry was published on 2014-09-22
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SECTION 718
Annual interest statements
General Business (GBS) CHAPTER 20, ARTICLE 34-B
§ 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.