Senate Bill S895

2009-2010 Legislative Session

Requires conspicuous due date on certain periodic statements

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Consumer Protection 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

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2009-S895 (ACTIVE) - Details

Current Committee:
Senate Consumer Protection
Law Section:
General Business Law
Laws Affected:
Add ยง520-d, Gen Bus L
Versions Introduced in 2011-2012 Legislative Session:
S1906

2009-S895 (ACTIVE) - Summary

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.

2009-S895 (ACTIVE) - Sponsor Memo

2009-S895 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   895

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            January 21, 2009
                               ___________

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:

  Section 1. The general business law is amended by adding a new section
520-d to read as follows:
  S 520-D. CREDIT CARD PERIODIC STATEMENT. EVERY PERIODIC STATEMENT SENT
BY AN ISSUER TO A CARD HOLDER WHICH REFLECTS A BALANCE IN FAVOR  OF  THE
ISSUER  UPON  WHICH  FINANCE CHARGES WILL ACCRUE SHALL CONTAIN (I) A DUE
DATE CLEARLY AND CONSPICUOUSLY DISCLOSED ON THE  FACE  OF  THE  PERIODIC
STATEMENT BY WHICH DATE PAYMENT OF THE BALANCE OR ANY PORTION THEREOF IS
DUE,  AND (II) THE PAYMENT REQUIRED TO AVOID INCURRING NEW OR ADDITIONAL
FINANCE CHARGES.
  S 2. This act shall take effect on the first of November next succeed-
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.
                                                           LBD06428-01-9

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