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.
STATE OF NEW YORK
________________________________________________________________________
1859
2025-2026 Regular Sessions
IN SENATE
January 14, 2025
___________
Introduced by Sen. MYRIE -- read twice and ordered printed, and when
printed to be committed to the Committee on Consumer 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
