Section 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.