Provides for distribution to the public, over the internet, of information regarding credit card rates, charges, terms and other conditions; further provides for dissemination of information over the internet regarding types of bank accounts available, requirements for opening an account, and all fees charged the customer, including monthly fees and transaction fees.
STATE OF NEW YORK
________________________________________________________________________
3960--B
2011-2012 Regular Sessions
IN SENATE
March 10, 2011
___________
Introduced by Sen. FUSCHILLO -- read twice and ordered printed, and when
printed to be committed to the Committee on Consumer Protection --
recommitted to the Committee on Consumer Protection in accordance with
Senate Rule 6, sec. 8 -- reported favorably from said committee and
committed to the Committee on Finance -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee -- committee discharged, bill amended, ordered reprinted as
amended and recommitted to said committee
AN ACT to amend the general business law and the banking law, in
relation to providing information to the public on the internet or
providing a link or links to such information
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 520-c of the general business law is amended by
2 adding a new subdivision 1-a to read as follows:
3 1-a. The department of financial services shall establish on its
4 website or provide a link or links on its website for persons to obtain
5 the same information made available by toll-free telephone pursuant to
6 subdivision one of this section. Information on how to access such
7 website shall be printed and distributed in the same manner as the tele-
8 phone number information described in subdivision one of this section
9 and on credit card promotional material distributed by issuers of such
10 cards.
11 § 2. The banking law is amended by adding a new section 14-g to read
12 as follows:
13 § 14-g. Powers of the superintendent with regard to providing current
14 banking information. 1. The superintendent is authorized and directed to
15 provide through a toll-free telephone service at which information
16 including but not limited to annual percentage rates, annual fees, per
17 transaction charges, late payment fees, over limit fees and grace peri-
18 ods for credit cards can be obtained.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD00362-09-2
S. 3960--B 2
1 2. The superintendent is authorized and directed to provide on the
2 website of the department the information described in subdivision one
3 of this section or to provide a link or links to such information.
4 3. The superintendent may promulgate rules and regulations necessary
5 to obtain the information required pursuant to subdivision one of this
6 section, in a manner that will enable the superintendent to update the
7 department's website information.
8 § 3. This act shall take effect one year after it shall have become a
9 law.
