Legislation
SECTION 711
Transfer of credit balances prohibited
General Business (GBS) CHAPTER 20, ARTICLE 34-A
§ 711. Transfer of credit balances prohibited. No creditor shall
write-off, delete or transfer any credit balance greater than one dollar
from a consumer credit account except to the extent that the consumer
has either received a cash refund or made offsetting purchases.
Provided, however, that nothing herein shall prevent the creditor from
deleting a credit balance created through an error.
write-off, delete or transfer any credit balance greater than one dollar
from a consumer credit account except to the extent that the consumer
has either received a cash refund or made offsetting purchases.
Provided, however, that nothing herein shall prevent the creditor from
deleting a credit balance created through an error.