Bill Text: NY A03421 | 2021-2022 | General Assembly | Introduced

New York Assembly Bill 3421 (Prior Session Legislation)

Introduced

Bill Title: Requires lending institutions to supply customers with PINs to be used in conjunction with any chip-embedded credit card.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - referred to banks [A03421 Detail]

Download: New_York-2021-A03421-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          3421

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                    January 26, 2021
                                       ___________

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

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

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

     1    Section  1.  Section  2  of the banking law is amended by adding a new
     2  subdivision 32 to read as follows:
     3    32. Smart chip. The term "smart chip"  means  credit  card  technology
     4  where  credit  cards  are embedded with microchips to help combat credit
     5  card fraud and information theft.
     6    § 2. The banking law is amended by adding a new section 9-y to read as
     7  follows:
     8    § 9-y. Smart chip technology.  Any  time  a  lending  institution,  as
     9  defined  in  paragraph  (a) of subdivision one of section nine-t of this
    10  article, issues a smart chip credit card, such lending institution shall
    11  also provide the customer with a personal identification  number  to  be
    12  used in conjunction with that card.
    13    §  3.  This  act  shall take effect immediately and shall apply to all
    14  credit cards issued or reissued on and after January 1, 2022.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00350-01-1