Bill Text: NY S04778 | 2015-2016 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Establishes issuers of credit cards and debit cards are prohibited from knowingly accepting or soliciting personal financial information of a cardholder from a third-party; establishes a civil penalty not to exceed two thousand dollars for each violation of this section.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-06-17 - COMMITTED TO RULES [S04778 Detail]

Download: New_York-2015-S04778-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4778
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                    April 15, 2015
                                      ___________
       Introduced  by Sen. VENDITTO -- 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  prohibiting
         issuers  from accepting personal financial information of holders from
         a third-party
         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  518-b to read as follows:
    3    S  518-B. PROHIBITED CREDIT CARD USER INFORMATION REQUESTS. 1. ISSUERS
    4  OF CREDIT CARDS AND DEBIT CARDS ARE PROHIBITED FROM KNOWINGLY  ACCEPTING
    5  OR  SOLICITING  THE  PERSONAL  FINANCIAL  INFORMATION OF A HOLDER FROM A
    6  THIRD-PARTY. PROVIDED, HOWEVER, THAT NO PROVISION OF THIS SECTION  SHALL
    7  BE  DEEMED  TO  PROHIBIT  AN  ISSUER OF A CREDIT CARD OR DEBIT CARD FROM
    8  ACCEPTING OR SOLICITING FROM  A  BANKING  ORGANIZATION,  AS  DEFINED  IN
    9  SECTION TWO OF THE BANKING LAW, THE PERSONAL INFORMATION OF A HOLDER FOR
   10  THE PURPOSE OF VERIFYING THE IDENTITY OF SUCH HOLDER AND PREVENT IMPROP-
   11  ER OR UNAUTHORIZED USE.
   12    2. A VIOLATION OF THE PROVISIONS OF THIS SECTION BY AN ISSUER SHALL BE
   13  PUNISHABLE  BY  A  CIVIL  PENALTY NOT TO EXCEED TWO THOUSAND DOLLARS FOR
   14  EACH SUCH VIOLATION.
   15    S 2. This act shall  take  effect  on  the  first  of  September  next
   16  succeeding 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.
                                                                  LBD10403-01-5