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Assembly Bill A8744A

2025-2026 Legislative Session

Requires issuers of credit cards to give the cardholder at least thirty days notice before closing, cancelling, or terminating the cardholder's account

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Bill Amendments

2025-A8744 - 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 - Summary

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

2025-A8744 - 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

2025-A8744A (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-A8744A (ACTIVE) - Summary

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

2025-A8744A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8744--A
 
                        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 -- recommitted to the Committee
   on Consumer Affairs and Protection in accordance with Assembly Rule 3,
   sec. 2 -- committee discharged, bill  amended,  ordered  reprinted  as
   amended and recommitted to said committee

 AN  ACT  to  amend  the  general  business law, in relation to requiring
   issuers of credit cards to give the cardholder at  least  thirty  days
   notice  before  closing,  cancelling,  or terminating 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 CANCELLATION.   1. NOTICE REQUIRED.  NO ISSUER SHALL
 CLOSE, CANCEL, OR TERMINATE A HOLDER'S ACCOUNT WITH THE ISSUER  FOR  THE
 EXTENSION  OF  CREDIT THROUGH THE USE OF A CREDIT CARD WITHOUT PROVIDING
 THE HOLDER WRITTEN NOTICE VIA EMAIL, TEXT MESSAGE, OR WRITTEN LETTER  AT
 LEAST  THIRTY  DAYS BEFORE THE EFFECTIVE DATE OF SUCH CLOSURE, CANCELLA-
 TION, OR TERMINATION.
   2. EXCEPTIONS. THE PROVISIONS OF THIS SECTION SHALL NOT  APPLY  IF  AN
 ISSUER CLOSES, CANCELS, OR TERMINATES A HOLDER'S ACCOUNT WITH THE ISSUER
 FOR THE EXTENSION OF CREDIT THROUGH THE USE OF A CREDIT CARD BECAUSE OF:
   (A)  FRAUD,  MISUSE, IDENTITY THEFT, OR UNAUTHORIZED USE AFFECTING THE
 ACCOUNT;
   (B) DELINQUENCY, DEFAULT, OR OTHER FAILURE BY  THE  HOLDER  TO  COMPLY
 WITH THE TERMS AND CONDITIONS GOVERNING THE ACCOUNT;
   (C)  THE  HOLDER'S  BANKRUPTCY, INSOLVENCY, RECEIVERSHIP, DEATH, LEGAL
 INCAPACITY, OR INABILITY TO REPAY OR OTHERWISE PERFORM OBLIGATIONS UNDER
 THE CREDIT CARD AGREEMENT; OR
   (D) ANY FEDERAL, STATE, OR LOCAL LAW, REGULATION, COURT  ORDER,  LEGAL
 PROCESS,  SANCTIONS  REQUIREMENT,  ANTI-MONEY-LAUNDERING  OBLIGATION, OR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05393-03-6

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