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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
BILL NUMBER:S3843
Title of bill
An act to amend the general business law, in relation to requiring credit card solicitations and statements to display a "Credit Card Facts" display box
Purpose
To allow consumers to easily scan credit card solicitations and credit card statements by placing an easy to read box, similar to the Federal Nutrition Labeling and Education Act, with vital information such as interest rates, purchases, balance transfers, cash advances, late payments warnings, credit limit warnings and more.
Summary of provisions
Section One of the bill amends the General Business Law by adding 520-d which requires personally mailed credit card solicitations, credit card applications, and credit card statements to display an easy to read "Credit Card Facts" box similar to the one used for the Federal Labeling and Education Act.
The box must include, in plain language information related to the interest rate, a list of purchases, balance transfers, cash advances, late payments, minimum interest, fees, foreign currency purchases, balance transfers, cash advances, exceeding credit card limits, in full due dates and warnings.
Existing law
New Bill.
Justification
The Federal Nutrition Labeling and Education Act of 1990 created an easy to read, plain language format for consumers to quickly gather essential nutritional information on food products.
It makes sense that consumers have the same format when selecting a credit card, as well as information on the activity, interest rates and fees placed on their credit card. This information should not be lost in small, hard to read and confusing print.
Legislative history
2009: S.6253 (Duane), Died in Rules 2010: S.6253 (Duane), Died in Consumer Protection
Fiscal implications
Minimal.
Local fiscal implications
Minimal.
Effective date
This act shall take effect on the first January next succeeding the date on which 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.