A08744 Summary:
| BILL NO | A08744 |
| SAME AS | SAME AS S01859 |
| SPONSOR | Jackson |
| 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. | |
A08744 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 8744 2025-2026 Regular Sessions IN ASSEMBLY 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: 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 at least forty-five 5 days written notice via email, text message, or written letter that such 6 account is being 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. LBD05393-01-5