NY State Senate Bill 2011-S3960

Senate Bill S3960

2011-2012 Legislative Session

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

download bill text pdf

Archive: Last Bill Status - In Senate Committee Finance 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

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 18, 2012	print number 3960b
Jun 18, 2012	amend (t) and recommit to finance
Apr 30, 2012	print number 3960a
Apr 30, 2012	amend and recommit to finance
Jan 18, 2012	reported and committed to finance
Jan 04, 2012	referred to consumer protection
May 10, 2011	reported and committed to finance
Mar 10, 2011	referred to consumer protection

Votes

- Jan 18, 2012 - Consumer Protection Committee Vote
  S3960
  
  9
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Consumer Protection Committee Vote: Jan 18, 2012
      
      aye (9)
      
      Ball
      
      Fuschillo
      
      Hassell-Thompson
      
      Huntley
      
      Little
      
      Marcellino
      
      O'Mara
      
      Squadron
      
      Zeldin
      
      aye wr (1)
      
      Adams
  May 10, 2011 - Consumer Protection Committee Vote
  S3960
  
  10
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Consumer Protection Committee Vote: May 10, 2011
      
      aye (10)
      
      Adams
      
      Ball
      
      Fuschillo
      
      Hassell-Thompson
      
      Huntley
      
      Little
      
      Marcellino
      
      O'Mara
      
      Squadron
      
      Zeldin

Bill Amendments

Original

B (Active)

2011-S3960 - Details

See Assembly Version of this Bill:: A4829
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 Other Legislative Sessions:: 2009-2010: A6080
2013-2014: S748, S6391, A3990
2015-2016: S212

2011-S3960 - 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.

2011-S3960 - 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.

2011-S3960 - Bill Text download pdf

                            
                    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.

2011-S3960A - Details

See Assembly Version of this Bill:: A4829
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 Other Legislative Sessions:: 2009-2010: A6080
2013-2014: S748, S6391, A3990
2015-2016: S212

2011-S3960A - Summary

2011-S3960A - Sponsor Memo

                                BILL NUMBER:S3960A

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 §520-c of the General Busi-
ness law to direct the Department of Financial Services 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 Superintendent of the Department  of  Financial
Services  to  establish  and  maintain  an Internet web site in order to

provide up-to-date basic 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  Superintendent  of the Department of
Financial Services would promulgate rules and regulations  necessary  to
obtain current information from banking institutions.

§ 3 Effective date.

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 trans-
actions, 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 Department of Financial Services is  already
required   by  regulation  to  compile  information  regarding  consumer
accounts and make that information available to the public.  This  meas-

ure,  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:
2007-08: On 3rd Reading (S.4305)
2005:    On 3rd Reading
2006:    Consumer Protection Committee (S.1950/A.9322)
2003-04: Consumer Protection Committee (S.4741)
2001-02: 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:
This act shall take effect one year after it shall have become law.

2011-S3960A - Bill Text download pdf

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

                                 3960--A

                       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 --
  recommitted to the Committee on Consumer Protection in accordance with
  Senate Rule 6, sec. 8 -- reported favorably from  said  committee  and
  committed  to  the  Committee on Finance -- committee discharged, bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee

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 DEPARTMENT OF FINANCIAL SERVICES 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 DISTRIBUTED IN THE SAME MANNER AS THE TELEPHONE  NUMBER  INFORMATION
DESCRIBED  IN  SUBDIVISION ONE OF THIS SECTION AND ON CREDIT CARD PROMO-
TIONAL 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 SUPERINTENDENT WITH REGARD TO PROVIDING CURRENT
BANKING INFORMATION. 1. THE  SUPERINTENDENT  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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00362-04-2

S. 3960--A                          2

  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.
  2. THE SUPERINTENDENT 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
THE  SUPERINTENDENT  IN  A MANNER THAT WILL ENABLE THE SUPERINTENDENT TO
UPDATE THE DEPARTMENT'S WEBSITE INFORMATION.
  S 3. This act shall take effect one year after it shall have become  a
law.

2011-S3960B (ACTIVE) - Details

See Assembly Version of this Bill:: A4829
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 Other Legislative Sessions:: 2009-2010: A6080
2013-2014: S748, S6391, A3990
2015-2016: S212

2011-S3960B (ACTIVE) - Summary

2011-S3960B (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S3960B

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
or providing a link or links to such information

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 §520-c of the General
Business law to direct the Department of Financial Services to
establish on its website or to provide a link or links on its website
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 Superintendent of the Department of
Financial Services to provide on the Departments website or provide a
link to provide up-to-date basic bank account information to current
and potential banking customers. In addition, the Superintendent of
the Department of Financial Services would promulgate rules and
regulations necessary to obtain current information from banking
institutions.

§ 3 Effective date.

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 aide to consumers, the Department of Financial Services 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 on its website or to


provide a link or links to such fee and account information. This
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:

This act shall take effect one year after it shall have become law.

2011-S3960B (ACTIVE) - Bill Text download pdf

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

                                 3960--B

                       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 --
  recommitted to the Committee on Consumer Protection in accordance with
  Senate Rule 6, sec. 8 -- reported favorably from  said  committee  and
  committed  to  the  Committee on Finance -- committee discharged, bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee  --  committee  discharged,  bill  amended,  ordered  reprinted as
  amended and recommitted to said committee

AN ACT to amend the  general  business  law  and  the  banking  law,  in
  relation  to  providing  information  to the public on the internet or
  providing a link or links to such information

  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 DEPARTMENT OF  FINANCIAL  SERVICES  SHALL  ESTABLISH  ON  ITS
WEBSITE  OR PROVIDE A LINK OR LINKS ON ITS WEBSITE 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 DISTRIBUTED IN THE SAME MANNER AS THE TELE-
PHONE 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 SUPERINTENDENT WITH REGARD TO PROVIDING CURRENT
BANKING INFORMATION. 1. THE SUPERINTENDENT IS AUTHORIZED AND DIRECTED TO
PROVIDE  THROUGH  A  TOLL-FREE  TELEPHONE  SERVICE  AT WHICH INFORMATION
INCLUDING BUT NOT LIMITED TO ANNUAL PERCENTAGE RATES, ANNUAL  FEES,  PER
TRANSACTION  CHARGES, LATE PAYMENT FEES, OVER LIMIT FEES AND GRACE PERI-
ODS FOR CREDIT CARDS CAN BE OBTAINED.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00362-09-2

S. 3960--B                          2

  2. THE SUPERINTENDENT IS AUTHORIZED AND DIRECTED  TO  PROVIDE  ON  THE
WEBSITE  OF  THE DEPARTMENT THE INFORMATION DESCRIBED IN SUBDIVISION ONE
OF THIS SECTION OR TO PROVIDE A LINK OR LINKS TO SUCH INFORMATION.
  3.  THE  SUPERINTENDENT MAY PROMULGATE RULES AND REGULATIONS NECESSARY
TO OBTAIN THE INFORMATION REQUIRED PURSUANT TO SUBDIVISION ONE  OF  THIS
SECTION,  IN  A MANNER THAT WILL ENABLE THE SUPERINTENDENT TO UPDATE THE
DEPARTMENT'S WEBSITE INFORMATION.
  S 3. This act shall take effect one year after it shall have become  a
law.

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