BILL NUMBER:S6391

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:

2013: Finance Committee (S.748/A.3990)
2011-2012: Finance Committee (S.3960B)
2007-2008: Third Reading (S.4305)
2006:Consumer Protection Committee (S.1950/A.9322)
2005:Third Reading Calendar (S.1950/A.9322)
2003-2004 Consumer Protection Committee (S.4741)
2001-2002 Third Reading Calendar (S.1073-A)
2000:Third 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.