senate Bill S748

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
Feb 27, 2013 reported and committed to finance
Jan 09, 2013 referred to consumer protection

Votes

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Feb 27, 2013 - Consumer Protection committee Vote

S748
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: Feb 27, 2013

Co-Sponsors

S748 - 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:
2011-2012: S3960B, A4829B
2009-2010: A6080

S748 - 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:S748

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:

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
________________________________________________________________________

                                   748

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced by Sen. FUSCHILLO -- 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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