Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to consumer protection |
Mar 28, 2011 |
referred to consumer protection |
Senate Bill S4298
2011-2012 Legislative Session
Sponsored By
(D) Senate District
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
Actions
2011-S4298 (ACTIVE) - Details
- Current Committee:
- Senate Consumer Protection
- Law Section:
- General Business Law
- Laws Affected:
- Amd ยง515, Gen Bus L
- Versions Introduced in 2009-2010 Legislative Session:
-
S1950
2011-S4298 (ACTIVE) - Sponsor Memo
BILL NUMBER:S4298 TITLE OF BILL: An act to amend the general business law, in relation to the issuance of credit cards PURPOSE: 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 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. EXISTING LAW: No such provision exists under existing law. JUSTIFICATION:
2011-S4298 (ACTIVE) - Bill Text download pdf
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: 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. LBD07472-01-1
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