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Who cares
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Sponsors
History
- Referred to consumer protection
- Referred to consumer protection
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the general business law, in relation to prohibiting the transmission of unsolicited checks, drafts, or negotiable instruments to credit card or debit card holders without their consent
Purpose
To keep credit card companies from mailing unsolicited checks, drafts, or negotiable instrument to consumers without their prior knowledge so as to prevent theft and fraud.
Summary of provisions
Adds a new section 520-d to the general business law; which would allow a check, draft, or negotiable instrument to be transmitted to a holder of a credit or debit card only if the holder has given written authorization. Provides for a civil fine not to exceed $1,000 for a first violation and not to exceed $5,000 for subsequent violations.
Justification
Credit card companies frequently mail checks to card holders -- preprinted with the consumer's name, address, and account number. These checks have been stolen and used fraudulently, leaving the consumer with the responsibility to clear up their credit reports.
Legislative history
2006-2008 Referred to Consumer Protection.
Fiscal implications
None.
Effective date
On the ninetieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.