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S09583 Summary:

BILL NOS09583
 
SAME ASNo Same As
 
SPONSORMYRIE
 
COSPNSR
 
MLTSPNSR
 
Add 520-f, Gen Bus L
 
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.
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S09583 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9583
 
                    IN SENATE
 
                                    October 24, 2022
                                       ___________
 
        Introduced  by  Sen.  MYRIE  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
 
        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:
 
     1    Section 1. The general business law is amended by adding a new section
     2  520-f to read as follows:
     3    § 520-f. Issuer cancelation.   1. No issuer  shall  close  a  holder's
     4  account  with  the  issuer  without giving the holder written notice via
     5  email, text message, or  written  letter  that  such  account  is  being
     6  closed.
     7    2.  The  cancelation  or deactivation of a credit card in violation of
     8  the provisions of subdivision one of this  section  shall  constitute  a
     9  violation.
    10    § 2. This act shall take effect immediately.
 
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16447-01-2
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