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Assembly Bill A4653

2019-2020 Legislative Session

Requires lending institutions to supply customers with PINs to be used in conjunction with any chip-embedded credit card

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Archive: Last Bill Status - In Assembly Committee

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2019-A4653 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §2, add §9-x, Bank L
Versions Introduced in Other Legislative Sessions:
2015-2016: A8620
2017-2018: A4422
2021-2022: A3421
2023-2024: A3627

2019-A4653 (ACTIVE) - Summary

Requires lending institutions to supply customers with PINs to be used in conjunction with any chip-embedded credit card.

2019-A4653 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4653
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 5, 2019
                                ___________
 
 Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
   tee on Banks
 
 AN ACT to amend the banking law, in relation to requiring lending insti-
   tutions to provide PINs simultaneously with the issuance of smart chip
   credit cards
 
   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 31 to read as follows:
   31. SMART CHIP. THE TERM "SMART CHIP"  MEANS  CREDIT  CARD  TECHNOLOGY
 WHERE  CREDIT  CARDS  ARE EMBEDDED WITH MICROCHIPS TO HELP COMBAT CREDIT
 CARD FRAUD AND INFORMATION THEFT.
   § 2. The banking law is amended by adding a new section 9-x to read as
 follows:
   § 9-X. SMART CHIP TECHNOLOGY.  ANY  TIME  A  LENDING  INSTITUTION,  AS
 DEFINED  IN  PARAGRAPH  (A) OF SUBDIVISION ONE OF SECTION NINE-T OF THIS
 ARTICLE, ISSUES A SMART CHIP CREDIT CARD, SUCH LENDING INSTITUTION SHALL
 ALSO PROVIDE THE CUSTOMER WITH A PERSONAL IDENTIFICATION  NUMBER  TO  BE
 USED IN CONJUNCTION WITH THAT CARD.
   §  3.  This  act  shall take effect immediately and shall apply to all
 credit cards issued or reissued on and after January 1, 2020.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08612-01-9

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