senate Bill S4298

2011-2012 Legislative Session

Requires banks to issue a credit card that does not permit cash advances

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to consumer protection
Mar 28, 2011 referred to consumer protection

S4298 - Details

Law Section:
General Business Law
Laws Affected:
Amd ยง515, Gen Bus L
Versions Introduced in 2009-2010 Legislative Session:
S1950

S4298 - Summary

Requires that an issuer in the state of New York must offer a credit card that does not permit cash advances.

S4298 - Sponsor Memo

S4298 - Bill Text download pdf

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

                                  4298

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             March 28, 2011
                               ___________

Introduced  by Sen. CARLUCCI -- 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 the issuance of
  credit cards

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

  Section  1.  Section  515  of  the general business law, as amended by
chapter 1050 of the laws of 1971, is amended to read as follows:
  S  515.  Issuance  of  credit  cards.  1.  Notwithstanding  any  other
provision  of  law,  no person shall issue a credit card in violation of
the provisions of an act of congress entitled "Truth in Lending Act" and
the regulations thereunder, as such act and regulations may from time to
time be amended.
  2. AN ISSUER IN THE STATE OF NEW YORK MUST ALSO OFFER  A  CREDIT  CARD
OPTION WHICH DOES NOT PERMIT THE USE OF CASH ADVANCES.
  3.  The  issuance  of  a credit card in violation of the provisions of
subdivision one OR TWO of this section shall constitute a misdemeanor.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07472-01-1

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