STATE OF NEW YORK
________________________________________________________________________
3627
2023-2024 Regular Sessions
IN ASSEMBLY
February 3, 2023
___________
Introduced by M. of A. PRETLOW -- read once and referred to the Commit-
tee on Banks
AN ACT to amend the banking law, in relation to requiring lending insti-
tutions to provide PINs simultaneously with the issuance of smart chip
credit cards
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 2 of the banking law is amended by adding a new
2 subdivision 32 to read as follows:
3 32. Smart chip. The term "smart chip" means credit card technology
4 where credit cards are embedded with microchips to help combat credit
5 card fraud and information theft.
6 § 2. The banking law is amended by adding a new section 9-aa to read
7 as follows:
8 § 9-aa. Smart chip technology. Any time a lending institution, as
9 defined in paragraph (a) of subdivision one of section nine-t of this
10 article, issues a smart chip credit card, such lending institution shall
11 also provide the customer with a personal identification number to be
12 used in conjunction with that card.
13 § 3. This act shall take effect immediately and shall apply to all
14 credit cards issued or reissued on and after January 1, 2024.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08189-01-3
