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Who cares
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Sponsors
3 Co-sponsors
History
- Referred to consumer affairs and protection
- Referred to consumer affairs and protection
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Prohibits the mailing of credit card applications to persons under twenty-one years of age
In Senate Committee · Consumer Protection · Sponsor Kenneth P. LaValle
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A489
Title of bill
An act to amend the general business law, in relation to prohibiting mailing of credit card applications to persons under twen- ty-one years of age
Purpose or general idea of bill
Prohibits the unsolicited mailing of credit card applications to persons under 21 years of age. Mandates that Information such as Annual Percentage Rate, Variable Rate index, Annual Membership Fee, Grace peri- od for purchases, and Cash Advance, Transaction, Late Payment, or Over the Limit Fees be stated clearly and in a standard form that is easy to understand.
Summary of specific provisions
The bill amends the opening paragraph and subdivision 9 of section 520 of the general business law, the opening paragraph as added by chapter 200 of the laws of 1987 and subdivision 9 as added by chapter 485 of the laws of 1996, are amended and three new subdivisions are added to prohibit the mailing of credit card applications to persons under 21, set a fine for a violation, and give exceptions to the law.
Justification
Credit Card Debt is a fast growing problem for people under 21. The easy availability of credit cards coupled with a young person's lack of financial experience can easily lead to an accumulation of an overwhelm- ing amount of debt. While it would be unfair to bar those people under 21 from trying to obtain a credit card, the credit card companies' targeting of this population specifically because they are not fully prepared for financial responsibility is something that must be addressed.
Purpose or general idea of amendment
This amendment, which changes Assembly bill 3492, is for the purpose of clarifying the language of the bill in order to better specify those people who the credit card companies are permitted to solicit.
Prior legislative history
2007-08 A.453- Referred to Consumer Affairs and Protection/S.215- Referred to Consumer Affairs and Protection 2005-06- A.1050- Referred to Consumer Affairs and Protection/S.1554- Referred to Consumer Protection 2003-04 A.3492a, Referred to Consumer Affairs and Protection 2001-02- A.11918, Referred to Consumer Affairs and Protection
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.