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Assembly Bill A8649A

2013-2014 Legislative Session

Relates to requiring credit cards to contain smart chip technology

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

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2013-A8649 - Details

See Senate Version of this Bill:
S6551
Current Committee:
Assembly Consumer Affairs And Protection
Law Section:
Banking Law
Laws Affected:
Amd §2, add §9-v, Bank L
Versions Introduced in 2015-2016 Legislative Session:
A1848, S2158

2013-A8649 - Summary

Relates to requiring credit cards to contain smart chip technology; states that a lending institution shall not issue credit or debit cards without smart chip technology; provides definitions for the terms "smart chip", "chip and pin", and "chip and signature."

2013-A8649 - Bill Text download pdf 

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

                                  8649

                          I N  A S S E M B L Y

                            January 30, 2014
                               ___________

Introduced  by M. of A. GUNTHER -- read once and referred to the Commit-
  tee on Consumer Affairs and Protection

AN ACT to amend the general business law, in relation to requiring cred-
  it cards to contain smart chip technology

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

  Section  1.  Section  458-b  of the general business law is amended by
adding a new subdivision 5 to read as follows:
  5. "SMART CHIP" MEANS A CREDIT CARD TECHNOLOGY WHERE CARDS ARE  EMBED-
DED  WITH  CHIPS AND A CARDHOLDER MUST PUT IN THEIR PIN OR SIGN FOR EACH
TRANSACTION TO BE APPROVED. THIS INCLUDES "CHIP AND PIN" AND  "CHIP  AND
SIGNATURE" AS SECURE METHODS TO PROTECT AGAINST CARD HACKERS AND FRAUD.
  (A)  "CHIP  AND  PIN"  REQUIRES A CONSUMER TO ENTER A PIN NUMBER AFTER
EACH TRANSACTION FOR APPROVAL.
  (B) "CHIP AND SIGNATURE" REQUIRES A CONSUMER TO INSERT THE CARD INTO A
PORTABLE ELECTRONIC READER AND THEN SUBSEQUENTLY SIGN  FOR  APPROVAL  OF
THE TRANSACTION.
  S 2. Section 458-k of the general business law is renumbered 458-l and
a new 458-k is added to read as follows:
  S 458-K. SMART CHIP TECHNOLOGY. CREDIT SERVICE BUSINESSES ARE REQUIRED
TO  ISSUE  CREDIT  CARDS  CONTAINING SMART CHIP TECHNOLOGY AS DEFINED IN
SUBDIVISION FIVE OF SECTION FOUR HUNDRED FIFTY-EIGHT-B OF THIS ARTICLE.
  S 3. This act shall take effect immediately and  shall  apply  to  all
credit cards issued or reissued on and after January 1, 2015.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13699-01-4

co-Sponsors

multi-Sponsors

2013-A8649A (ACTIVE) - Details

See Senate Version of this Bill:
S6551
Current Committee:
Assembly Consumer Affairs And Protection
Law Section:
Banking Law
Laws Affected:
Amd §2, add §9-v, Bank L
Versions Introduced in 2015-2016 Legislative Session:
A1848, S2158

2013-A8649A (ACTIVE) - Summary

Relates to requiring credit cards to contain smart chip technology; states that a lending institution shall not issue credit or debit cards without smart chip technology; provides definitions for the terms "smart chip", "chip and pin", and "chip and signature."

2013-A8649A (ACTIVE) - Bill Text download pdf 

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

                                 8649--A

                          I N  A S S E M B L Y

                            January 30, 2014
                               ___________

Introduced by M. of A. GUNTHER, DenDEKKER, TITUS, BENEDETTO -- read once
  and  referred  to  the Committee on Consumer Affairs and Protection --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

AN  ACT  to amend the banking law, in relation to requiring credit cards
  to contain smart chip technology

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

  Section  1.  Section  2  of the banking law is amended by adding a new
subdivision 30 to read as follows:
  30. SMART CHIP. THE TERM, "SMART CHIP" MEANS A CREDIT CARD  TECHNOLOGY
WHERE  CARDS  ARE EMBEDDED WITH CHIPS AND A CARDHOLDER MUST PUT IN THEIR
PIN OR SIGN FOR EACH TRANSACTION TO BE APPROVED. THIS INCLUDES "CHIP AND
PIN" AND "CHIP AND SIGNATURE" AS SECURE METHODS TO PROTECT AGAINST  CARD
HACKERS AND FRAUD.
  (A)  "CHIP  AND  PIN"  REQUIRES A CONSUMER TO ENTER A PIN NUMBER AFTER
EACH TRANSACTION FOR APPROVAL.
  (B) "CHIP AND SIGNATURE" REQUIRES A CONSUMER TO INSERT THE CARD INTO A
PORTABLE ELECTRONIC READER AND THEN SUBSEQUENTLY SIGN  FOR  APPROVAL  OF
THE TRANSACTION.
  S 2. The banking law is amended by adding a new section 9-v to read as
follows:
  S  9-V.  SMART CHIP TECHNOLOGY.   A LENDING INSTITUTION, AS DEFINED IN
PARAGRAPH (A) OF SUBDIVISION ONE OF  SECTION  NINE-T  OF  THIS  ARTICLE,
SHALL NOT ISSUE CREDIT CARDS OR DEBIT CARDS WITHOUT SMART CHIP TECHNOLO-
GY AS DEFINED IN SUBDIVISION THIRTY OF SECTION TWO OF THIS ARTICLE.
  S  3.  This  act  shall take effect immediately and shall apply to all
credit cards issued or reissued on and after January 1, 2015.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13699-03-4

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