|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to consumer protection|
|Jan 09, 2013||referred to consumer protection|
senate Bill S502
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S502 - Details
S502 - Sponsor Memo
BILL NUMBER:S502 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
S502 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 502 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sen. ESPAILLAT -- 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.
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