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Assembly Bill A4198

2015-2016 Legislative Session

Relates to refunding debit card transactions within two business days upon voidance of such transactions

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Archive: Last Bill Status - In Assembly Committee

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2015-A4198 (ACTIVE) - Details

Current Committee:
Assembly Consumer Affairs And Protection
Law Section:
General Business Law
Laws Affected:
Add ยง520-e, Gen Bus L

2015-A4198 (ACTIVE) - Summary

Relates to refunding debit card transactions within two business days upon voidance of such transactions.

2015-A4198 (ACTIVE) - Bill Text download pdf 

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

                                  4198

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 29, 2015
                               ___________

Introduced by M. of A. LAVINE -- read once and referred to the Committee
  on Consumer Affairs and Protection

AN  ACT  to  amend the general business law, in relation to voided debit
  card transactions

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

  Section 1. The general business law is amended by adding a new section
520-e to read as follows:
  S  520-E.  VOIDED DEBIT CARD TRANSACTIONS. 1. UPON THE VOIDANCE OF ANY
DEBIT CARD TRANSACTION THAT IS CONTEMPORANEOUS WITH SUCH  VOIDANCE,  ALL
FUNDS  APPROVED  BY  AND  THROUGH SUCH TRANSACTION SHALL BE REFUNDED AND
RETURNED TO THE DEBIT CARD USER'S ACCOUNT WITHIN TWO BUSINESS DAYS.
  2. ANY PERSON AS DEFINED IN SUBDIVISION TWO OF  SECTION  FIVE  HUNDRED
ELEVEN OF THIS ARTICLE WHO VIOLATES, DISOBEYS, OR DISREGARDS ANY TERM OF
THIS  SUBDIVISION SHALL BE LIABLE TO THE PEOPLE OF THE STATE FOR A CIVIL
PENALTY LEVIED BY  THE  COMMISSIONER  OF  THE  DEPARTMENT  OF  FINANCIAL
SERVICES NOT TO EXCEED ONE THOUSAND DOLLARS.
  3.  THE  COMMISSIONER  OF  THE  DEPARTMENT OF FINANCIAL SERVICES SHALL
PROMULGATE SUCH RULES AND REGULATIONS AS MAY BE NECESSARY AND PROPER  TO
EXECUTE THE PROVISIONS OF THIS SECTION.
  S  2.  This  act shall take effect on the ninetieth day after it shall
have become a law.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07376-01-5

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