Senator Steve Saland (R,C Poughkeepsie) today announced that legislation (S.4225a) he has sponsored to end the practice of credit card protection plans that charge consumers a fee, but provide no meaningful protection has been signed by the Governor.
These plans charge consumers approximately $8 a month. The legislation would require companies which offer credit protection services to disclose current federal law and regulations regarding consumer credit and debit card liability, as well as consumer rights under the Fair Credit Billing Act.
" I am very pleased that the Governor has signed this consumer protection legislation," said Senator Saland. "Consumers will now be given all pertinent information so they may make a more informed choice when offered a credit card protection plan. Consumers will no longer have to unknowingly pay for protections already offered under federal law."