senate Bill S502

2013-2014 Legislative Session

Requires credit card solicitations and statements to display a "Credit Card Facts" display box

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 08, 2014 referred to consumer protection
Jan 09, 2013 referred to consumer protection

Co-Sponsors

S502 - Details

Law Section:
General Business Law
Laws Affected:
Add ยง520-d, Gen Bus L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S1283
2009-2010: S6253

S502 - Summary

Requires credit card solicitations and statements to display a "Credit Card Facts" display box.

S502 - Sponsor Memo

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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