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

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 12, 2014 reported and committed to finance
Jan 21, 2014 referred to consumer protection

Votes

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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
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Consumer Protection Committee Vote: May 12, 2014

S6391 - Bill Details

See Assembly Version of this Bill:
A3990
Current Committee:
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 - Bill Texts

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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.

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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.

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                    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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