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A4422Assembly2017-2018 Session

Require PINs With Chip Cards

Official title

“Requires lending institutions to supply customers with PINs to be used in conjunction with any chip-embedded credit card”

Sponsor J. Gary PretlowAD-89Affects Finance
Status
In Assembly Committee
Banks
Impact
5/10
Moderate
Passage
0%

Bill progress

Step 2 of 7

In committee · Banks

What's happening

This bill requires lenders to provide customers with PINs when issuing chip-equipped credit cards.

Why it matters

  1. Statewide requirement. Adds a New York banking law requirement for lending institutions issuing chip-equipped credit cards.

  2. Issuance and replacement. Applies to cards issued or reissued on or after January 1, 2018.

  3. Limited mandate. Requires lenders to supply a PIN for use with the card, but does not require PIN entry for every purchase.

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Who cares

  • Lending institutions

    They would have to provide a PIN whenever they issue a chip-equipped credit card.

  • Credit card customers

    They would receive a PIN to use with their chip-equipped cards.

  • Consumer protection advocates

    The bill addresses card technology defined as helping combat credit card fraud and information theft.

Headline styles

Require PINs With Chip Cards

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
J. Gary Pretlow

Assembly Member · Assembly District 89

Chair, Ways and Means

No co-sponsors yet.

History

  1. Referred to banks
  2. Referred to banks

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

4422

2017-2018 Regular Sessions

IN ASSEMBLY

February 2, 2017

Introduced by M. of A. PRETLOW -- read once and referred to the Committee on Banks

AN ACT to amend the banking law, in relation to requiring lending institutions to provide PINs simultaneously with the issuance of smart chip credit cards

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Section 2 of the banking law is amended by adding a new subdivision 31 to read as follows:

31. Smart chip. The term "smart chip" means credit card technology where credit cards are embedded with microchips to help combat credit card fraud and information theft.

§ 2. The banking law is amended by adding a new section 9-x to read as follows:

§ 9-x. Smart chip technology. Any time a lending institution, as defined in paragraph (a) of subdivision one of section nine-t of this article, issues a smart chip credit card, such lending institution shall also provide the customer with a personal identification number to be used in conjunction with that card.

§ 3. This act shall take effect immediately and shall apply to all credit cards issued or reissued on and after January 1, 2018.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD09118-01-7

Reflowed for reading: line numbers and page breaks removed. Cite the official text.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.