NY State Senate Bill 2011-S1283

Senate Bill S1283

2011-2012 Legislative Session

Requires credit card solicitations and statements to display a "Credit Card Facts" display box

download bill text pdf

Archive: Last Bill Status - In Senate Committee Consumer Protection Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 04, 2012	referred to consumer protection
Jan 06, 2011	referred to consumer protection

2011-S1283 (ACTIVE) - Details

Current Committee:: Senate Consumer Protection
Law Section:: General Business Law
Laws Affected:: Add §520-d, Gen Bus L
Versions Introduced in Other Legislative Sessions:: 2009-2010: S6253
2013-2014: S502
2015-2016: S3843
2017-2018: S2383
2019-2020: S2073

2011-S1283 (ACTIVE) - Summary

Requires credit card solicitations and statements to display a "Credit Card Facts" display box.

2011-S1283 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S1283

TITLE OF BILL:

An act
to amend the general business law, in relation to requiring credit card
solicitations and statements to display a "Credit Card Facts" display
box

PURPOSE:

To allow consumers to easily scan credit card solicitations and credit
card statements by placing an easy to read box, similar to the
Federal Nutrition Labeling and Education Act, with vital information
such as interest rates, purchases, balance transfers, cash advances,
late payments warnings, credit limit warnings and more.

SUMMARY OF PROVISIONS:

Section One of the bill amends the General Business Law by adding
520-d which requires personally mailed credit card solicitations,
credit card applications, and credit card statements to display an
easy to read "Credit Card Facts" box similar to the one used for the
Federal Labeling and Education Act.

The box must include, in plain language information related to the

interest rate, a list of purchases, balance transfers, cash advances,
late payments, minimum interest, fees, foreign currency purchases,
balance transfers, cash advances, exceeding credit card limits, in
full due dates and warnings.

EXISTING LAW:

New Bill.

JUSTIFICATION:

The Federal Nutrition Labeling and Education Act of 1990 created an
easy to read, plain language format for consumers to quickly gather
essential nutritional information on food products.

It makes sense that consumers have the same format when selecting a
credit card, as well as information on the activity, interest rates
and fees placed on their credit card. This information should not be
lost in small, hard to read and confusing print.

LEGISLATIVE HISTORY:

2009: S.6253 (Duane), Died in Rules
2010: S.6253 (Duane), Died in Consumer Protection

FISCAL IMPLICATIONS:

Minimal.

LOCAL FISCAL IMPLICATIONS:


Minimal.

EFFECTIVE DATE:
This act shall take effect on the first January next succeeding the
date on which it shall have become law.

2011-S1283 (ACTIVE) - Bill Text download pdf

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

                                  1283

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             January 6, 2011
                               ___________

Introduced  by  Sen.  DUANE  -- 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, in relation to requiring cred-
  it card solicitations and statements to display a "Credit Card  Facts"
  display box

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

  Section 1. The general business law is amended by adding a new section
520-d to read as follows:
  S 520-D. CREDIT CARD FACTS DISPLAY. 1. IN ADDITION TO THE  DISCLOSURES
REQUIRED BY SECTION FIVE HUNDRED TWENTY OF THIS ARTICLE, ALL APPLICATION
FORMS  OR PRE-APPROVED WRITTEN SOLICITATIONS TO ENTER INTO A CREDIT CARD
AGREEMENT WHICH ARE MAILED TO AN INDIVIDUAL RESIDING IN THIS  STATE,  BY
OR  ON BEHALF OF AN ISSUER, WHETHER OR NOT THE ISSUER IS LOCATED IN THIS
STATE, OTHER THAN AN APPLICATION FORM  OR  SOLICITATION  INCLUDED  IN  A
MAGAZINE,  NEWSPAPER,  OR OTHER PUBLICATION DISTRIBUTED BY SOMEONE OTHER
THAN THE ISSUER, AND,  ANY  APPLICATION  FOR  A  CREDIT  CARD  WHICH  IS
DISTRIBUTED  OR MADE AVAILABLE IN THIS STATE TO A RESIDENT OF THIS STATE
IN AN OFFICE OR OTHER PLACE OF BUSINESS OWNED OR OPERATED BY THE ISSUER,
SHALL CONTAIN THE DISCLOSURES SET FORTH IN  SUBDIVISION  THREE  OF  THIS
SECTION  IN  THE  FORM  OF  A  CREDIT  CARD  FACTS DISPLAY AND SHALL USE
SUBSTANTIALLY THE SAME FORMAT AND TERMINOLOGY SHOWN IN SUBDIVISION THREE
OF THIS SECTION.
  2. ALL CREDIT CARD STATEMENTS WHICH ARE MAILED OR  PROVIDED  ELECTRON-
ICALLY  TO  AN  INDIVIDUAL RESIDING IN THIS STATE, BY OR ON BEHALF OF AN
ISSUER, WHETHER OR NOT THE  ISSUER  IS  LOCATED  IN  THIS  STATE,  SHALL
CONTAIN  THE  DISCLOSURES SET FORTH IN SUBDIVISION THREE OF THIS SECTION
IN THE FORM OF A CREDIT CARD FACTS DISPLAY AND SHALL  USE  SUBSTANTIALLY
THE  SAME  FORMAT  AND  TERMINOLOGY  SHOWN  IN SUBDIVISION THREE OF THIS
SECTION.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01145-01-1

S. 1283                             2

  3. A. THE CREDIT CARD FACTS DISPLAY SHALL BE BOXED WITH ALL  BLACK  OR
ONE COLOR TYPE PRINTED ON A WHITE OR NEUTRAL BACKGROUND.
  B.  HELVETICA  BLACK  BOLD TYPEFACE SHALL BE USED FOR ALL HEADINGS AND
SUBHEADINGS AND HELVETICA REGULAR TYPEFACE MAY BE USED  FOR  INFORMATION
DISCLOSURES.
  C.  TYPE  SIZE  SHALL  BE: (I) SIXTEEN POINT OR LARGER FOR THE PRIMARY
"CREDIT CARD FACTS" HEADING;
  (II) TWELVE POINT OR LARGER FOR THE "INTEREST RATE", "FEES",  "PAYMENT
OPTIONS" AND "WARNINGS" HEADINGS; AND
  (III)  TEN POINT OR LARGER FOR THE SUBHEADINGS AND INFORMATION DISCLO-
SURES.
  D. AN EIGHT POINT RULE SEPARATES LARGE GROUPINGS  AS  SHOWN  BELOW  IN
THIS SUBDIVISION. A SIX POINT RULE INFORMATION DISCLOSURE LINES.
  E.  ALL  LABELS  ARE  ENCLOSED BY ONE-HALF POINT BOX RULE WITHIN THREE
POINTS OF TEXT MEASURE.

CREDIT CARD FACTS
HERE IS A SUMMARY OF THE TERMS OF THIS CREDIT CARD ACCOUNT

INTEREST RATES
PURCHASES
________________________________________________________________________
BALANCE TRANSFERS
________________________________________________________________________
CASH ADVANCES
________________________________________________________________________
LATE PAYMENTS
________________________________________________________________________
MINIMUM INTEREST

FEES
FOREIGN CURRENCY PURCHASES
________________________________________________________________________
BALANCE TRANSFERS
________________________________________________________________________
CASH ADVANCES
________________________________________________________________________
LATE PAYMENTS
________________________________________________________________________
EXCEEDING CREDIT LIMIT

PAYMENT OPTIONS
IN FULL BY DUE DATE
________________________________________________________________________
MINIMUM BALANCE BY DUE DATE

WARNINGS
LATE PAYMENTS

  S 2. This act shall take effect on the first of January next  succeed-
ing the date on which it shall have become a law.

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