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.
Last modified: February 3, 2019