senate Bill S133

2021-2022 Legislative Session

Relates to establishing a set grace period for the use of credit card reward points

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Sponsored By

Current Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (7)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 04, 2021 referred to consumer affairs and protection
delivered to assembly
passed senate
Apr 28, 2021 advanced to third reading
Apr 27, 2021 2nd report cal.
Apr 26, 2021 1st report cal.769
Jan 06, 2021 referred to consumer protection

Co-Sponsors

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S133 (ACTIVE) - Details

See Assembly Version of this Bill:
A5698
Law Section:
General Business Law
Laws Affected:
Add §520-e, Gen Bus L
Versions Introduced in 2019-2020 Legislative Session:
S7104, A9588

S133 (ACTIVE) - Summary

Relates to establishing a set grace period for the use of credit card reward points when an account is modified, cancelled, closed or terminated; ninety days shall be provided for the use of such points from the date notice of modification, cancellation, or termination of the card is provided.

S133 (ACTIVE) - Sponsor Memo

S133 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    133
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced by Sens. MAYER, JACKSON, KRUEGER, LIU, MYRIE, SALAZAR -- 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 establishing  a
   set grace period for the use of credit card reward points
 
   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:
   § 520-E. GRACE PERIOD FOR USE OF CREDIT CARD REWARD POINTS. 1. AS USED
 IN THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A) "CREDIT CARD POINTS" OR "POINTS" SHALL MEAN DENOMINATED UNITS THAT
 CAN BE ACCUMULATED IN AN  ACCOUNT  IN  CONNECTION  WITH  A  CREDIT  CARD
 REWARD, LOYALTY, OR OTHER INCENTIVE PROGRAM, OFTEN REFERRED TO AS POINTS
 OR  FOR  CERTAIN  TRAVEL-RELATED REWARDS AS MILES, WHICH ARE REDEEMABLE,
 FUNGIBLE, OR OTHERWISE EXCHANGEABLE, IN WHOLE OR IN PART, FOR REWARDS;
   (B) "REWARDS" SHALL MEAN GOODS, SERVICES, CASH, MERCHANT-SPECIFIC GIFT
 CARDS, TRAVEL BENEFITS, OR ONE OR MORE OTHER THINGS OF VALUE; AND
   (C) "REWARDS PROGRAM" SHALL MEAN ANY AGREEMENT BETWEEN A HOLDER AND AN
 ISSUER REGARDING POINTS RELATED TO AN ACCOUNT.
   2. IF  ANY  CREDIT  CARD  ACCOUNT  OR  REWARDS  PROGRAM  IS  MODIFIED,
 CANCELLED, CLOSED OR TERMINATED, THE HOLDER MUST RECEIVE NOTICE FROM THE
 ISSUER  OF  SUCH  CANCELLATION,  CLOSURE, TERMINATION OR MODIFICATION AS
 SOON AS POSSIBLE, AND IN ANY EVENT WITHIN FIFTEEN DAYS OF SUCH CANCELLA-
 TION, CLOSURE, TERMINATION OR MODIFICATION. BEGINNING WITH THE  DATE  ON
 WHICH  NOTICE  IS  SENT,  THE  HOLDER  SHALL HAVE NINETY DAYS TO REDEEM,
 EXCHANGE, OR OTHERWISE USE ANY CREDIT CARD POINTS THAT THE HOLDER  ACCU-
 MULATED  AT  THE  TIME  OF  SUCH MODIFICATION, CANCELLATION, CLOSURE, OR
 TERMINATION AS PERMITTED UNDER THE TERMS OF THE AGREEMENT OR  AGREEMENTS
 BETWEEN  THE  HOLDER  AND  THE  ISSUER WHICH IS SERVICING THE APPLICABLE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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