What's happening
This bill requires credit card solicitations and statements in New York to include a standardized "Credit Card Facts" disclosure box.
Why it matters
Improves transparency and comparability. By mandating a standardized "Credit Card Facts" box, this bill makes it easier for consumers to compare interest rates, fees, and payment options across different credit card offers and statements, potentially helping them make more informed financial decisions.
Targets both new and existing customers. The required disclosure box must appear not only on credit card solicitations and applications but also on ongoing monthly statements, ensuring that consumers are regularly reminded of key account terms and potential costs.
Standardizes presentation for clarity. The bill prescribes specific formatting—such as font size, typeface, and layout—ensuring that essential terms are not buried in fine print or legalese, but are highlighted in a clear, easy-to-read format that draws consumer attention.
Highlights critical risks and costs. By including explicit sections for "Warnings" and recurring fees like late payments and exceeding credit limits, the bill aims to better alert consumers to the potential pitfalls and true costs of credit card use, potentially reducing unexpected financial burdens.
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Who cares
Headline styles
Show Credit Card Facts
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to consumer protection
- Referred to consumer protection
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2073
2019-2020 Regular Sessions
IN SENATE
January 22, 2019
Introduced by Sen. BENJAMIN -- read twice and ordered printed, and when printed to be committed to the Committee on Consumer Protection
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
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The general business law is amended by adding a new section 520-e to read as follows:
§ 520-e. Credit card facts display. 1. In addition to the disclosures required by section five hundred twenty of this article, all application forms or pre-approved written solicitations to enter into a credit card agreement which are mailed to an individual residing in this state, by or on behalf of an issuer, whether or not the issuer is located in this state, other than an application form or solicitation included in a magazine, newspaper, or other publication distributed by someone other than the issuer, and, any application for a credit card which is distributed or made available in this state to a resident of this state in an office or other place of business owned or operated by the issuer, shall contain the disclosures set forth in subdivision three of this section in the form of a credit card facts display and shall use substantially the same format and terminology shown in subdivision three of this section.
2. All credit card statements which are mailed or provided electronically to an individual residing in this state, by or on behalf of an issuer, whether or not the issuer is located in this state, shall contain the disclosures set forth in subdivision three of this section in the form of a credit card facts display and shall use substantially the same format and terminology shown in subdivision three of this section.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06080-01-9
S. 2073 2
3. a. The credit card facts display shall be boxed with all black or one color type printed on a white or neutral background.
b. Helvetica Black bold typeface shall be used for all headings and subheadings and Helvetica Regular typeface may be used for information disclosures.
c. Type size shall be: (i) sixteen point or larger for the primary "Credit Card Facts" heading;
(ii) twelve point or larger for the "Interest Rate", "Fees", "Payment Options" and "Warnings" headings; and
(iii) ten point or larger for the subheadings and information disclosures.
d. An eight point rule separates large groupings as shown below in this subdivision. A six point rule information disclosure lines.
e. All labels are enclosed by one-half point box rule within three points of text measure.
Credit Card Facts Here is a summary of the terms of this credit card account
Interest Rates Purchases ________________________________________________________________________ Balance Transfers ________________________________________________________________________ Cash Advances ________________________________________________________________________ Late Payments ________________________________________________________________________ Minimum Interest
Fees Foreign Currency Purchases ________________________________________________________________________ Balance Transfers ________________________________________________________________________ Cash Advances ________________________________________________________________________ Late Payments ________________________________________________________________________ Exceeding Credit Limit
Payment Options In Full by Due Date ________________________________________________________________________ Minimum Balance by Due Date
Warnings Late Payments
§ 2. This act shall take effect on the first of January next succeeding the date on which it shall have become a law.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
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-e 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.
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 onfood products.
Currently, credit card solicitations and statements can be confusing or misleading. This legislation would require banks and credit card compa- nies to provide consumers with clear, concise information relating to the offer being made by the credit card company and in the consumer's activity statement. This information should not be lost or hidden in small, hard to read and confusing print.
Legislative history
2017-18: S.2383 2015-16: S.3843
Fiscal implications
None
Local fiscal implications
None
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.