senate Bill S3960

Amended

Provides for distribution, on the internet, of information to the public regarding credit card and banking rates, charges and other terms

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 10 / Mar / 2011
    • REFERRED TO CONSUMER PROTECTION
  • 10 / May / 2011
    • REPORTED AND COMMITTED TO FINANCE
  • 04 / Jan / 2012
    • REFERRED TO CONSUMER PROTECTION
  • 18 / Jan / 2012
    • REPORTED AND COMMITTED TO FINANCE
  • 30 / Apr / 2012
    • AMEND AND RECOMMIT TO FINANCE
  • 30 / Apr / 2012
    • PRINT NUMBER 3960A
  • 18 / Jun / 2012
    • AMEND (T) AND RECOMMIT TO FINANCE
  • 18 / Jun / 2012
    • PRINT NUMBER 3960B

Summary

Provides for distribution to the public, over the internet, of information regarding credit card rates, charges, terms and other conditions; further provides for dissemination of information over the internet regarding types of bank accounts available, requirements for opening an account, and all fees charged the customer, including monthly fees and transaction fees.

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Bill Details

See Assembly Version of this Bill:
A4829
Versions:
S3960
S3960A
S3960B
Legislative Cycle:
2011-2012
Current Committee:
Senate Finance
Law Section:
General Business Law
Laws Affected:
Amd §520-c, Gen Bus L; add §14-g, Bank L
Versions Introduced in Previous Legislative Cycles:
2009-2010: A6080, A6080
2007-2008: A6889, A6889

Votes

10
0
10
Aye
0
Nay
0
aye with reservations
0
absent
0
excused
0
abstained
show Consumer Protection committee vote details

Sponsor Memo

BILL NUMBER:S3960

TITLE OF BILL:

An act
to amend the general business law and the banking law, in relation to
providing information to the public on the internet

PURPOSE:

To enable New York State consumers to access information about bank
account and credit card account requirements and fees directly from
an Internet website.

SUMMARY OF PROVISIONS:

Section 1 would add a new subdivision 1-a to §52-c of the General
Business law to direct the banking board to establish and maintain a
website on the Internet for persons to obtain the same basic credit
card account information currently made available by toll-free
telephone number. Information on how to access such website would
be printed and distributed in the same manner as the telephone number
information described in subdivision one of the section and on credit
card promotional material distributed by issuers of such cards. This
information is currently required to be compiled and made available
to the public.

§ 2 would amend the Banking law by adding a new § 14-g which would
authorize and direct the banking board to establish and maintain an
Internet web site in order to provide up-to-date basic bank account
information to current and potential banking customers. Such
information would include a toll-free telephone number, the types of
accounts available at each bank in the state, requirements of opening
an account at each bank, and all fees charged to the customer. In
addition, the banking board would promulgate rules and regulations
necessary to obtain current information from banking institutions.

JUSTIFICATION:

Banking and credit card accounts and associated fees have become
increasingly expensive in New York State, and choosing the right
account can be very complex and time consuming. When choosing a bank,
the consumer must compare fees and surcharges applied to ATM card
transactions, writing checks, failure to maintain a certain monthly
average or daily balance, and to bounced checks. The "right" choice
varies by the needs of each individual consumer.
In order to make comparisons between bank accounts, consumers currently
must gather information from each individual bank in their area, to
choose the account that best fits their needs.

As an aid to consumers, the Banking Department is already required by
regulation to compile information regarding consumer accounts and
make that information available to the public. This measure, which
would require posting of a website with fee and account information
for the public, would give consumers an additional source to make
educated choices regarding their banking.


LEGISLATIVE HISTORY:

2007-2008 on 3rd Reading (S.4305)
2005 on 3rd Reading
2006 Consumer Protection Committee (S.1950/A.9322)
2003-2004 Consumer Protection Committee (S.4741)
2001-2002 on 3rd Reading (S.1073-A)
2000 on 3rd Reading (S.7710/A.11013)

FISCAL IMPLICATIONS:

A very minimal cost to post the information on the website.

EFFECTIVE DATE:

December 1 following enactment.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3960

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             March 10, 2011
                               ___________

Introduced by Sen. FUSCHILLO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Consumer Protection

AN  ACT  to  amend  the  general  business  law  and the banking law, in
  relation to providing information to the public on the internet

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  520-c  of the general business law is amended by
adding a new subdivision 1-a to read as follows:
  1-A. THE BANKING DEPARTMENT SHALL ESTABLISH AND MAINTAIN A WEBSITE  ON
THE  INTERNET  FOR PERSONS TO OBTAIN THE SAME INFORMATION MADE AVAILABLE
BY TOLL-FREE TELEPHONE PURSUANT TO  SUBDIVISION  ONE  OF  THIS  SECTION.
INFORMATION  ON HOW TO ACCESS SUCH WEBSITE SHALL BE PRINTED AND DISTRIB-
UTED IN THE SAME MANNER AS THE TELEPHONE NUMBER INFORMATION DESCRIBED IN
SUBDIVISION ONE OF THIS SECTION AND ON CREDIT CARD PROMOTIONAL  MATERIAL
DISTRIBUTED BY ISSUERS OF SUCH CARDS.
  S  2.  The banking law is amended by adding a new section 14-g to read
as follows:
  S 14-G. POWERS OF THE BANKING BOARD WITH REGARD TO  PROVIDING  CURRENT
BANKING  INFORMATION.  1.  THE  BANKING  BOARD  IS HEREBY AUTHORIZED AND
DIRECTED TO ESTABLISH AND MAINTAIN A WEBSITE ON THE INTERNET IN ORDER TO
PROVIDE UP-TO-DATE INFORMATION TO CURRENT AND POTENTIAL BANKING  CUSTOM-
ERS.  SUCH INFORMATION SHALL INCLUDE, BUT NOT BE LIMITED TO, THE FOLLOW-
ING:
  A. A TOLL-FREE TELEPHONE NUMBER WHERE A CUSTOMER MAY CALL TO GET ADDI-
TIONAL INFORMATION.
  B. THE TYPES OF ACCOUNTS AVAILABLE AT EACH BANK IN THIS STATE.
  C. REQUIREMENTS FOR OPENING AN ACCOUNT AT EACH BANK, INCLUDING MINIMUM
AND MAXIMUM BALANCES, IF ANY.
  D. ALL FEES CHARGED THE CUSTOMER, INCLUDING MONTHLY  FEES  AND  TRANS-
ACTION FEES.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00362-01-1

S. 3960                             2

  2.  THE BANKING BOARD SHALL PROMULGATE RULES AND REGULATIONS NECESSARY
TO PROVIDE THAT ALL BANKING INSTITUTIONS WITHIN THE STATE SHALL  FURNISH
THE INFORMATION REQUIRED PURSUANT TO SUBDIVISION ONE OF THIS SECTION, TO
SUCH  BOARD IN A MANNER THAT WILL ENABLE THE BOARD TO UPDATE ITS WEBSITE
INFORMATION.
  S 3. This act shall take effect on the first of December next succeed-
ing the date on which it shall have become a law.

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