Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Jan 06, 2010 |
referred to banks |
May 29, 2009 |
referred to banks |
Assembly Bill A8626
2009-2010 Legislative Session
Sponsored By
HOYT
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2009-A8626 (ACTIVE) - Details
2009-A8626 (ACTIVE) - Sponsor Memo
BILL NUMBER:A8626 TITLE OF BILL: An act to amend the general business law, in relation to the issuance of credit cards PURPOSE OR GENERAL IDEA OF BILL: Enactment of this legislation would require entities issuing credit cards in New York State to also offer a credit card option which does not permit the use of cash advances. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends Section 515 of the general business law, as amended by chapter 1050 of the laws of 1971 by stating that any entity issuing a credit card in this state must office a credit card option which does not permit the use of cash advances. JUSTIFICATION: Paying with a credit card is an easy way to make purchases, but using a card wisely and paying bills on time also helps in building a good credit history, and that helps in establishing other types of credit. In fact, people with good credit generally receive the best rates and terms on mortgages and other loans. Credit cards that offer advances provide an opportunity for individuals, usually first time card holders, young adults, or the poor to instantly obtain cash from a bank or ATM. This cash may in turn be used to buy. drugs or other illegal goods.
2009-A8626 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8626 2009-2010 Regular Sessions I N A S S E M B L Y May 29, 2009 ___________ Introduced by M. of A. HOYT -- read once and referred to the Committee on Banks 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: Section 1. Section 515 of the general business law, as amended by chapter 1050 of the laws of 1971, is amended to read as follows: S 515. Issuance of credit cards. 1. Notwithstanding any other provision of law, no person shall issue a credit card in violation of the provisions of an act of congress entitled "Truth in Lending Act" and the regulations thereunder, as such act and regulations may from time to time be amended. 2. AN ISSUER IN THE STATE OF NEW YORK MUST ALSO OFFER A CREDIT CARD OPTION WHICH DOES NOT PERMIT THE USE OF CASH ADVANCES. 3. The issuance of a credit card in violation of the provisions of subdivision one OR TWO of this section shall constitute a misdemeanor. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02863-02-9
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