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Who cares
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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 credit card companies from accepting and processing an application that has been altered, torn and reconstructed or damaged
Purpose
To prohibit credit card companies from accepting and processing an altered, torn and reconstructed or damaged application.
Summary of provisions
Section 1: Section 520 of the general business law is amended by adding new subdivision 10 which provides that no credit card company shall accept and process an application that has been altered, torn and reconstructed or damaged. Section 2: Effective Date.
Justification
Identity theft is a serious problem in New York State. Nationally, identity theft costs businesses and financial institutions $33 Billion a year and Americans spent a total of 300 million hours resolving problems related to identity theft. Contrary to popular belief, ripping up credit card applications is not a good way to prevent people from stealing their identity using an damaged credit card application. Credit card companies are currently required by law to process any application it receives regardless of if it has been altered, torn and reconstructed or damaged. The current law make it easy for an identity thief to get a credit card in someone else's name. This legislation would rectify this situation by requiring credit card companies not to process any application that has been altered, torn and reconstructed or damaged.
Legislative history
2007-2008 - Consumer Protection
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.