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Senate Bill S2158

2015-2016 Legislative Session

Relates to requiring credit cards to contain smart chip technology

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Archive: Last Bill Status - In Senate Committee Banks Committee

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Bill Amendments

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2015-S2158 (ACTIVE) - Details

See Assembly Version of this Bill:
A1848
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd §2, add §9-w, Bank L
Versions Introduced in 2013-2014 Legislative Session:
S6551, A8649

2015-S2158 (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."

2015-S2158 (ACTIVE) - Sponsor Memo

2015-S2158 (ACTIVE) - Bill Text download pdf 

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

                                  2158

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 21, 2015
                               ___________

Introduced  by  Sens.  GRIFFO, GOLDEN -- read twice and ordered printed,
  and when printed to be committed to the Committee on Banks

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-w to read as
follows:
  S 9-W. 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, 2016.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02171-01-5

2015-S2158A - Details

See Assembly Version of this Bill:
A1848
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd §2, add §9-w, Bank L
Versions Introduced in 2013-2014 Legislative Session:
S6551, A8649

2015-S2158A - Bill Text download pdf

The Bill text is not available.

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