Bill Text: NY S01906 | 2011-2012 | General Assembly | Introduced

New York Senate Bill 1906 (Prior Session Legislation)

NY State Legislature page for S01906

Introduced

Bill Title: Requires statements sent by a credit card company to a consumer to contain a clear and conspicuous notice of the due date of the balance and the payment required to avoid incurring new or additional finance charges.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2011-01-14 - REFERRED TO CONSUMER PROTECTION [S01906 Detail]

Download: New_York-2011-S01906-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1906
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   January 14, 2011
                                      ___________
       Introduced  by  Sen.  KRUGER -- 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  due
         dates on periodic statements
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The general business law is amended by adding a new section
    2  520-d to read as follows:
    3    S 520-D. CREDIT CARD PERIODIC STATEMENT. EVERY PERIODIC STATEMENT SENT
    4  BY AN ISSUER TO A CARD HOLDER WHICH REFLECTS A BALANCE IN FAVOR  OF  THE
    5  ISSUER  UPON  WHICH  FINANCE CHARGES WILL ACCRUE SHALL CONTAIN (I) A DUE
    6  DATE CLEARLY AND CONSPICUOUSLY DISCLOSED ON THE  FACE  OF  THE  PERIODIC
    7  STATEMENT BY WHICH DATE PAYMENT OF THE BALANCE OR ANY PORTION THEREOF IS
    8  DUE,  AND (II) THE PAYMENT REQUIRED TO AVOID INCURRING NEW OR ADDITIONAL
    9  FINANCE CHARGES.
   10    S 2. This act shall take effect on the first of November next succeed-
   11  ing the date on which it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07163-01-1