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Assembly Bill A8744

2025-2026 Legislative Session

Requires issuers of credit cards to give the cardholder at least 45 days notice before closing the cardholder's account

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Current Bill Status - In Assembly Committee

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2025-A8744 (ACTIVE) - Details

See Senate Version of this Bill:
S1859
Current Committee:
Assembly Consumer Affairs And Protection
Law Section:
General Business Law
Laws Affected:
Add §520-f, Gen Bus L
Versions Introduced in 2023-2024 Legislative Session:
S223

2025-A8744 (ACTIVE) - Summary

Requires issuers of credit cards to give the cardholder at least 45 days written notice via email, text message, or written letter before closing the cardholder's account.

2025-A8744 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8744
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 2, 2025
                                ___________
 
 Introduced  by M. of A. JACKSON -- read once and referred to the Commit-
   tee on Consumer Affairs and Protection
 
 AN ACT to amend the general  business  law,  in  relation  to  requiring
   issuers of credit cards to give the cardholder at least 45 days notice
   before closing the cardholder's account

   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-f to read as follows:
   § 520-F. ISSUER CANCELATION.   1. NO ISSUER  SHALL  CLOSE  A  HOLDER'S
 ACCOUNT  WITH  THE  ISSUER WITHOUT GIVING THE HOLDER AT LEAST FORTY-FIVE
 DAYS WRITTEN NOTICE VIA EMAIL, TEXT MESSAGE, OR WRITTEN LETTER THAT SUCH
 ACCOUNT IS BEING CLOSED.
   2. THE CANCELATION OR DEACTIVATION OF A CREDIT CARD  IN  VIOLATION  OF
 THE  PROVISIONS  OF  SUBDIVISION  ONE OF THIS SECTION SHALL CONSTITUTE A
 VIOLATION.
   § 2. This act shall take effect immediately.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05393-01-5

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