718 - Annual 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.