Bill Text: NY A03627 | 2023-2024 | General Assembly | 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) 2024-01-03 - referred to banks [A03627 Detail]
Download: New_York-2023-A03627-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 3627 2023-2024 Regular Sessions IN ASSEMBLY February 3, 2023 ___________ 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-aa to read 7 as follows: 8 § 9-aa. 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, 2024. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08189-01-3
