New York Consolidated Laws, General Business Law - GBS § 604. Definitions

1. “Consumer claim” means any obligation of a natural person for the payment of money or its equivalent which is or is alleged to be in default and which arises out of a transaction wherein credit has been offered or extended to a natural person, and the money, property or service which was the subject of the transaction was primarily for personal, family or household purposes.  Such term includes an obligation of a natural person who is a co-maker, endorser, guarantor or surety as well as the natural person to whom such credit was originally extended.

2. “Debtor” means any natural person who owes or who is asserted to owe a consumer claim.

3. “Principal creditor” means any person, firm, corporation or organization to whom a consumer claim is owed, due or asserted to be due or owed, or any assignee for value of such person, firm, corporation or organization.  Such term shall include any person, firm or corporation engaged in business, the principal purpose of which is to regularly collect or attempt to collect debts obtained by or assigned to such person, firm or corporation, that are in default when obtained or acquired by such person, firm or corporation.