Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 14, 2014 |
print number 6551a |
Feb 14, 2014 |
amend (t) and recommit to consumer protection |
Feb 04, 2014 |
referred to consumer protection |
Senate Bill S6551A
2013-2014 Legislative Session
Sponsored By
(R, C) 53rd Senate District
Archive: Last Bill Status - In Senate Committee Consumer Protection Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
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 - Sponsor Memo
BILL NUMBER:S6551 TITLE OF BILL: An act to amend the general business law, in relation to requiring credit cards to contain smart chip technology PURPOSE: To require credit cards issued to New York State residents be equipped with smart chip technology. SUMMARY OF PROVISIONS: Section one adds a new subdivision 5 to section 458-b of the general business law to define the terms "smart chip," "chip and PIN," and "chip and signature." Section two renumbers section 458-k of the general business law as section 458-l and adds a new section 458-k to require that credit service businesses must issue credit cards containing smart chip technology. Section three provides the effective date. JUSTIFICATION: Today, most credit cards issued to New Yorkers still rely on the magnetic stripe- a technology which was developed in the 1960s. However, more than 80 countries have adopted smart chip technology for the issuance of credit cards.
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
(R, C, IP) Senate District
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) - Sponsor Memo
BILL NUMBER:S6551A TITLE OF BILL: An act to amend the banking law, in relation to requiring credit cards to contain smart chip technology PURPOSE: To require credit cards issued to New York State residents be equipped with smart chip technology. SUMMARY OF PROVISIONS: Section one adds a new subdivision 30 to section 2 of the banking law to define the terms "smart chip," "chip and PIN," and "chip and signature." Section two adds a new section 9-v to the banking law to require that lending institutions must issue credit cards containing smart chip technology. Section three provides the effective date. JUSTIFICATION: Today, most credit cards issued to New Yorkers still rely on the magnetic stripe - a technology which was developed in the 1960s. However, more than 80 countries have adopted smart chip technology for the issuance of credit cards. The technology enables a credit card user's information to be stored
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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