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Sponsors
Senator · Senate District 7
No co-sponsors yet.
History
- Reported and committed to finance
- 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.
Provides for distribution, on the internet, of information to the public regarding credit card and banking rates, charges and other terms
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
BILL NUMBER:S6391
Title of bill
An act to amend the general business law and the banking law, in relation to providing information to the public on the internet or providing a link or links to such information
Purpose
To enable New York State consumers to access information about bank account and credit card account requirements and fees directly from an Internet website.
Summary of provisions
Section 1. would add a new subdivision 1-a to § 520-c of the General Business law to direct the Department of Financial Services to establish on its website or to provide a link or links on its website for persons to obtain the same basic credit card account information currently made available by toll-free telephone number. Information on how to access such website would be printed and distributed in the same manner as the telephone number information described in subdivision one of the section and on credit card promotional material distributed by issuers of such cards. This information is currently required to be compiled and made available to the public.
§ 2 would amend the Banking law by adding a new § 14-g, which would authorize and direct the Superintendent of the Department of Financial Services to provide on the Departments website or provide a link to provide up-to-date basic bank account information to current and potential banking customers. In addition, the Superintendent of the Department of Financial Services would promulgate rules and regulations necessary to obtain current information from banking institutions.
§ 3 Effective date.
Justification
Banking and credit card accounts and associated fees have become increasingly expensive in New York State, and choosing the right account can be very complex and time consuming. When choosing a bank, the consumer must compare fees and surcharges applied to ATM card transactions, writing checks, failure to maintain a certain monthly average or daily balance, and to bounced checks. The "right" choice varies by the needs of each individual consumer, In order to make comparisons between bank accounts, consumers currently must gather information from each individual bank in their area, to choose the account that best fits their needs.
As an aide to consumers, the Department of Financial Services is already required by regulation to compile information regarding consumer accounts and make that information available to the public. This measure, which would require posting on its website or to provide a link or links to such fee and account information. This would give consumers an additional source to make educated choices regarding their banking.
Legislative history
2013: Finance Committee (S.748/A.3990) 2011-2012: Finance Committee (S.3960B) 2007-2008: Third Reading (S.4305) 2006:Consumer Protection Committee (S.1950/A.9322) 2005:Third Reading Calendar (S.1950/A.9322) 2003-2004 Consumer Protection Committee (S.4741) 2001-2002 Third Reading Calendar (S.1073-A) 2000:Third Reading (S.7710/A.11013)
Fiscal implications
A very minimal cost to post the information on the website.
Effective date
This act shall take effect one year after it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.