Bill Text: NY A03990 | 2013-2014 | General Assembly | Introduced

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Bill Title: Provides for distribution to the public, over the internet, of information regarding credit card rates, charges, terms and other conditions; further provides for dissemination of information over the internet regarding types of bank accounts available, requirements for opening an account, and all fees charged the customer, including monthly fees and transaction fees.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-01-08 - referred to consumer affairs and protection [A03990 Detail]

Download: New_York-2013-A03990-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3990
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 30, 2013
                                      ___________
       Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
         tee on Consumer Affairs and Protection
       AN  ACT  to  amend  the  general  business  law  and the banking law, in
         relation to providing information to the public  on  the  internet  or
         providing a link or links to such information
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 520-c of the general business  law  is  amended  by
    2  adding a new subdivision 1-a to read as follows:
    3    1-A.  THE  DEPARTMENT  OF  FINANCIAL  SERVICES  SHALL ESTABLISH ON ITS
    4  WEBSITE OR PROVIDE A LINK OR LINKS ON ITS WEBSITE FOR PERSONS TO  OBTAIN
    5  THE  SAME  INFORMATION MADE AVAILABLE BY TOLL-FREE TELEPHONE PURSUANT TO
    6  SUBDIVISION ONE OF THIS SECTION.  INFORMATION  ON  HOW  TO  ACCESS  SUCH
    7  WEBSITE SHALL BE PRINTED AND DISTRIBUTED IN THE SAME MANNER AS THE TELE-
    8  PHONE NUMBER INFORMATION DESCRIBED IN SUBDIVISION ONE OF THIS SECTION.
    9    S  2.  The banking law is amended by adding a new section 14-g to read
   10  as follows:
   11    S 14-G.  POWERS OF THE SUPERINTENDENT WITH REGARD TO PROVIDING CURRENT
   12  BANKING INFORMATION. 1. THE SUPERINTENDENT IS AUTHORIZED AND DIRECTED TO
   13  PROVIDE THROUGH A  TOLL-FREE  TELEPHONE  SERVICE  AT  WHICH  INFORMATION
   14  INCLUDING  BUT  NOT LIMITED TO ANNUAL PERCENTAGE RATES, ANNUAL FEES, PER
   15  TRANSACTION CHARGES, LATE PAYMENT FEES, OVER LIMIT FEES AND GRACE  PERI-
   16  ODS FOR CREDIT CARDS CAN BE OBTAINED.
   17    2.  THE  SUPERINTENDENT  IS  AUTHORIZED AND DIRECTED TO PROVIDE ON THE
   18  WEBSITE OF THE DEPARTMENT THE INFORMATION DESCRIBED IN  SUBDIVISION  ONE
   19  OF THIS SECTION OR TO PROVIDE A LINK OR LINKS TO SUCH INFORMATION.
   20    3.  THE  SUPERINTENDENT MAY PROMULGATE RULES AND REGULATIONS NECESSARY
   21  TO OBTAIN THE INFORMATION REQUIRED PURSUANT TO SUBDIVISION ONE  OF  THIS
   22  SECTION,  IN  A MANNER THAT WILL ENABLE THE SUPERINTENDENT TO UPDATE THE
   23  DEPARTMENT'S WEBSITE INFORMATION.
   24    S 3. This act shall take effect one year after it shall have become  a
   25  law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01340-02-3