Bill Text: NY S04298 | 2011-2012 | General Assembly | Introduced
Bill Title: Requires that an issuer in the state of New York must offer a credit card that does not permit cash advances.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-01-04 - REFERRED TO CONSUMER PROTECTION [S04298 Detail]
Download: New_York-2011-S04298-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
4298
2011-2012 Regular Sessions
I N S E N A T E
March 28, 2011
___________
Introduced by Sen. CARLUCCI -- 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 the issuance of
credit cards
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Section 515 of the general business law, as amended by
2 chapter 1050 of the laws of 1971, is amended to read as follows:
3 S 515. Issuance of credit cards. 1. Notwithstanding any other
4 provision of law, no person shall issue a credit card in violation of
5 the provisions of an act of congress entitled "Truth in Lending Act" and
6 the regulations thereunder, as such act and regulations may from time to
7 time be amended.
8 2. AN ISSUER IN THE STATE OF NEW YORK MUST ALSO OFFER A CREDIT CARD
9 OPTION WHICH DOES NOT PERMIT THE USE OF CASH ADVANCES.
10 3. The issuance of a credit card in violation of the provisions of
11 subdivision one OR TWO of this section shall constitute a misdemeanor.
12 S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07472-01-1
