Bill Text: NY S02383 | 2017-2018 | General Assembly | Introduced

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Bill Title: Requires credit card solicitations and statements to display a "Credit Card Facts" display box.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-01-03 - REFERRED TO CONSUMER PROTECTION [S02383 Detail]

Download: New_York-2017-S02383-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          2383
                               2017-2018 Regular Sessions
                    IN SENATE
                                    January 13, 2017
                                       ___________
        Introduced by Sen. ALCANTARA -- 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 cred-
          it  card solicitations and statements to display a "Credit Card Facts"
          display box
          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-e to read as follows:
     3    §  520-e. Credit card facts display. 1. In addition to the disclosures
     4  required by section five hundred twenty of this article, all application
     5  forms or pre-approved written solicitations to enter into a credit  card
     6  agreement  which  are mailed to an individual residing in this state, by
     7  or on behalf of an issuer, whether or not the issuer is located in  this
     8  state,  other  than  an  application  form or solicitation included in a
     9  magazine, newspaper, or other publication distributed by  someone  other
    10  than  the  issuer,  and,  any  application  for  a  credit card which is
    11  distributed or made available in this state to a resident of this  state
    12  in an office or other place of business owned or operated by the issuer,
    13  shall  contain  the  disclosures  set forth in subdivision three of this
    14  section in the form of  a  credit  card  facts  display  and  shall  use
    15  substantially the same format and terminology shown in subdivision three
    16  of this section.
    17    2.  All  credit card statements which are mailed or provided electron-
    18  ically to an individual residing in this state, by or on  behalf  of  an
    19  issuer,  whether  or  not  the  issuer  is  located in this state, shall
    20  contain the disclosures set forth in subdivision three of  this  section
    21  in  the  form of a credit card facts display and shall use substantially
    22  the same format and terminology  shown  in  subdivision  three  of  this
    23  section.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06935-01-7
        S. 2383                             2
     1    3.  a.  The credit card facts display shall be boxed with all black or
     2  one color type printed on a white or neutral background.
     3    b.  Helvetica  Black  bold typeface shall be used for all headings and
     4  subheadings and Helvetica Regular typeface may be used  for  information
     5  disclosures.
     6    c.  Type  size  shall  be: (i) sixteen point or larger for the primary
     7  "Credit Card Facts" heading;
     8    (ii) twelve point or larger for the "Interest Rate", "Fees",  "Payment
     9  Options" and "Warnings" headings; and
    10    (iii)  ten point or larger for the subheadings and information disclo-
    11  sures.
    12    d. An eight point rule separates large groupings  as  shown  below  in
    13  this subdivision. A six point rule information disclosure lines.
    14    e.  All  labels  are  enclosed by one-half point box rule within three
    15  points of text measure.
    16  Credit Card Facts
    17  Here is a summary of the terms of this credit card account
    18  Interest Rates
    19  Purchases
    20  ________________________________________________________________________
    21  Balance Transfers
    22  ________________________________________________________________________
    23  Cash Advances
    24  ________________________________________________________________________
    25  Late Payments
    26  ________________________________________________________________________
    27  Minimum Interest
    28  Fees
    29  Foreign Currency Purchases
    30  ________________________________________________________________________
    31  Balance Transfers
    32  ________________________________________________________________________
    33  Cash Advances
    34  ________________________________________________________________________
    35  Late Payments
    36  ________________________________________________________________________
    37  Exceeding Credit Limit
    38  Payment Options
    39  In Full by Due Date
    40  ________________________________________________________________________
    41  Minimum Balance by Due Date
    42  Warnings
    43  Late Payments
    44    § 2. This act shall take effect on the first of January next  succeed-
    45  ing the date on which it shall have become a law.