Bill Text: NY S01906 | 2011-2012 | General Assembly | 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
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1906
2011-2012 Regular Sessions
I N S E N A T E
January 14, 2011
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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
