What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
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 issuance of a credit card to any person under the age of twenty-one years, unless such person has received parental consent and completed a course of instruction in financial responsibility and liability
Purpose
Prohibits the issuance of a credit card to any person under 21 years of age, unless such person has parental consent thereto and has completed course of instruction.
Summary of provisions
Notwithstanding any other provision of law, no issuer shall issue a credit card to any individual in this state under the age of twenty-one years unless, the individual has a written consent from a parent or guardian and written proof of the completion of a course of instruction in financial responsibility and liability.
Justification
College students are getting into debt, access to credit cards are made easy through on campus vendor booth, direct e-mail, direct postal mail, arid phone solicitation. By the time a college student graduates, they will have a credit card debt of more than $4,000. Research shows that 84% of students were interested in pursuing some areas of education in order to increase their financial literacy; 64% would prefer to receive the information in high school, and 40% prefer to receive the information as a college freshman. Research also shows that parent involvement can help a student decrease credit card use.
Legislative history
New legislation.
Fiscal implications
None.
Effective date
This act shall take effect on the first of January next succeeding the date on which this act shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.