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Senate Bill S6551A

2013-2014 Legislative Session

Relates to requiring credit cards to contain smart chip technology

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Archive: Last Bill Status - In Senate Committee Consumer Protection Committee

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Bill Amendments

2013-S6551 - Details

See Assembly Version of this Bill:
A8649
Current Committee:
Senate Consumer Protection
Law Section:
Banking Law
Laws Affected:
Amd §2, add §9-v, Bank L
Versions Introduced in 2015-2016 Legislative Session:
S2158, A1848

2013-S6551 - Summary

Relates to requiring credit cards to contain smart chip technology; states that a lending institution shall not issue credit or debit cards without smart chip technology; provides definitions for the terms "smart chip", "chip and pin", and "chip and signature."

2013-S6551 - Sponsor Memo

2013-S6551 - Bill Text download pdf 

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

                                  6551

                            I N  S E N A T E

                            February 4, 2014
                               ___________

Introduced  by  Sen.  GRIFFO -- 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 cards to contain smart chip technology

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  458-b  of the general business law is amended by
adding a new subdivision 5 to read as follows:
  5. "SMART CHIP" MEANS A CREDIT CARD TECHNOLOGY WHERE CARDS ARE  EMBED-
DED  WITH  CHIPS AND A CARDHOLDER MUST PUT IN THEIR PIN OR SIGN FOR EACH
TRANSACTION TO BE APPROVED. THIS INCLUDES "CHIP AND PIN" AND  "CHIP  AND
SIGNATURE" AS SECURE METHODS TO PROTECT AGAINST CARD HACKERS AND FRAUD.
  (A)  "CHIP  AND  PIN"  REQUIRES A CONSUMER TO ENTER A PIN NUMBER AFTER
EACH TRANSACTION FOR APPROVAL.
  (B) "CHIP AND SIGNATURE" REQUIRES A CONSUMER TO INSERT THE CARD INTO A
PORTABLE ELECTRONIC READER AND THEN SUBSEQUENTLY SIGN  FOR  APPROVAL  OF
THE TRANSACTION.
  S 2. Section 458-k of the general business law is renumbered 458-l and
a new 458-k is added to read as follows:
  S 458-K. SMART CHIP TECHNOLOGY. CREDIT SERVICE BUSINESSES ARE REQUIRED
TO  ISSUE  CREDIT  CARDS  CONTAINING SMART CHIP TECHNOLOGY AS DEFINED IN
SUBDIVISION FIVE OF SECTION FOUR HUNDRED FIFTY-EIGHT-B OF THIS ARTICLE.
  S 3. This act shall take effect immediately and  shall  apply  to  all
credit cards issued or reissued on and after January 1, 2015.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13699-01-4

co-Sponsors

2013-S6551A (ACTIVE) - Details

See Assembly Version of this Bill:
A8649
Current Committee:
Senate Consumer Protection
Law Section:
Banking Law
Laws Affected:
Amd §2, add §9-v, Bank L
Versions Introduced in 2015-2016 Legislative Session:
S2158, A1848

2013-S6551A (ACTIVE) - Summary

Relates to requiring credit cards to contain smart chip technology; states that a lending institution shall not issue credit or debit cards without smart chip technology; provides definitions for the terms "smart chip", "chip and pin", and "chip and signature."

2013-S6551A (ACTIVE) - Sponsor Memo

2013-S6551A (ACTIVE) - Bill Text download pdf 

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

                                 6551--A

                            I N  S E N A T E

                            February 4, 2014
                               ___________

Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
  printed to be committed to the Committee  on  Consumer  Protection  --
  recommitted to the Committee on Consumer Protection in accordance with
  Senate  Rule  6, sec. 8 -- committee discharged, bill amended, ordered
  reprinted as amended and recommitted to said committee

AN ACT to amend the banking law, in relation to requiring  credit  cards
  to contain smart chip technology

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 2 of the banking law is amended  by  adding  a  new
subdivision 30 to read as follows:
  30.  SMART CHIP. THE TERM, "SMART CHIP" MEANS A CREDIT CARD TECHNOLOGY
WHERE CARDS ARE EMBEDDED WITH CHIPS AND A CARDHOLDER MUST PUT  IN  THEIR
PIN OR SIGN FOR EACH TRANSACTION TO BE APPROVED. THIS INCLUDES "CHIP AND
PIN"  AND "CHIP AND SIGNATURE" AS SECURE METHODS TO PROTECT AGAINST CARD
HACKERS AND FRAUD.
  (A) "CHIP AND PIN" REQUIRES A CONSUMER TO ENTER  A  PIN  NUMBER  AFTER
EACH TRANSACTION FOR APPROVAL.
  (B) "CHIP AND SIGNATURE" REQUIRES A CONSUMER TO INSERT THE CARD INTO A
PORTABLE  ELECTRONIC  READER  AND THEN SUBSEQUENTLY SIGN FOR APPROVAL OF
THE TRANSACTION.
  S 2. The banking law is amended by adding a new section 9-v to read as
follows:
  S 9-V. SMART CHIP TECHNOLOGY.  A LENDING INSTITUTION,  AS  DEFINED  IN
PARAGRAPH  (A)  OF  SUBDIVISION  ONE  OF SECTION NINE-T OF THIS ARTICLE,
SHALL NOT ISSUE CREDIT CARDS OR DEBIT CARDS WITHOUT SMART CHIP TECHNOLO-
GY AS DEFINED IN SUBDIVISION THIRTY OF SECTION TWO OF THIS ARTICLE.
  S 3. This act shall take effect immediately and  shall  apply  to  all
credit cards issued or reissued on and after January 1, 2015.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13699-02-4

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