senate Bill S6391

2013-2014 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

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
May 12, 2014 reported and committed to finance
Jan 21, 2014 referred to consumer protection

Votes

view votes

May 12, 2014 - Consumer Protection committee Vote

S6391
11
0
committee
11
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Consumer Protection committee vote details

Consumer Protection Committee Vote: May 12, 2014

S6391 - Details

See Assembly Version of this Bill:
A3990
Law Section:
General Business Law
Laws Affected:
Amd §520-c, Gen Bus L; add §14-g, Bank L
Versions Introduced in Previous Legislative Sessions:
2013-2014: S748
2011-2012: S3960B, A4829B
2009-2010: A6080

S6391 - 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.

S6391 - Sponsor Memo

S6391 - Bill Text download pdf

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

                                  6391

                            I N  S E N A T E

                            January 21, 2014
                               ___________

Introduced  by  Sen. MARTINS -- 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 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.
  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.
  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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01340-02-3

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