Household Finance Corp. v. Lucania

OPINION OF THE COURT

Joseph Rosenzweig, J.

This is an action by Household Finance Corporation (HFC) to recover a balance of $415.12 allegedly owing on a loan of $1,112.11. Defendant moves for summary judgment dismissing *533the complaint and granting the counterclaim for payments made.

The question before the court is a novel one: Did HFC’s failure to issue itemized receipts for late payments that were applied, in part, to late charges and to interest that had not been precomputed constitute a violation of section 353 of the Banking Law, thereby depriving HFC of the right to collect the loan?

Defendan…