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History
- Referred to consumer protection
- Referred to consumer 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 Assembly Committee · Consumer Affairs And Protection · Sponsor Jeffrey Dinowitz
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 mailing of credit card applications to persons under twenty-one years of age
Purpose
Prohibits the unsolicited mailing of credit card applications to persons under 21 years of age and imposes a fine for the violation of such prohibition.
Summary of provisions
Section 1. 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, and adds three new subdivisions 10, 11, and 12, to prohibit the mailing of credit card applications to persons under 21 and set a fine for a violation.
Section 2. Effective date.
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 overwhelming 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.
Prior legislative history
2007-08, S.215; 2005-06, S.1554; 2003-04, S.4214.
Fiscal implications
None.
Effective date
This act shall take effect on the one hundred eightieth 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.