Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to banks |
Jan 21, 2015 |
referred to banks |
Senate Bill S2158
2015-2016 Legislative Session
Sponsored By
(R, C) 53rd Senate District
Archive: Last Bill Status - In Senate Committee Banks 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
Bill Amendments
co-Sponsors
(R, C, IP) Senate District
2015-S2158 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A1848
- Current Committee:
- Senate Banks
- Law Section:
- Banking Law
- Laws Affected:
- Amd §2, add §9-w, Bank L
- Versions Introduced in 2013-2014 Legislative Session:
-
S6551, A8649
2015-S2158 (ACTIVE) - Sponsor Memo
BILL NUMBER:S2158 TITLE OF BILL: An act to amend the banking law, in relation to requiring credit cards to contain smart chip technology PURPOSE: To require credit cards and debit cards issued to New York State residents be equipped with smart chip technology. SUMMARY OF PROVISIONS: Section one adds a new subdivision 30 to section 2 of the banking law to define the terms "smart chip," "chip and PIN," and "chip and signature." Section two adds a new section 9-w of the banking law to stipulate that lending institutions cannot issue credit or debit cards without smart chip technology. Section three provides the effective date. JUSTIFICATION:
2015-S2158 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2158 2015-2016 Regular Sessions I N S E N A T E January 21, 2015 ___________ Introduced by Sens. GRIFFO, GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law, in relation to requiring credit cards to contain smart chip technology THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 2 of the banking law is amended by adding a new subdivision 30 to read as follows: 30. SMART CHIP. THE TERM, "SMART CHIP" MEANS A CREDIT CARD TECHNOLOGY WHERE CARDS ARE EMBEDDED WITH CHIPS AND A CARDHOLDER MUST PUT IN THEIR PIN OR SIGN FOR EACH TRANSACTION TO BE APPROVED. THIS INCLUDES "CHIP AND PIN" AND "CHIP AND SIGNATURE" AS SECURE METHODS TO PROTECT AGAINST CARD HACKERS AND FRAUD. (A) "CHIP AND PIN" REQUIRES A CONSUMER TO ENTER A PIN NUMBER AFTER EACH TRANSACTION FOR APPROVAL. (B) "CHIP AND SIGNATURE" REQUIRES A CONSUMER TO INSERT THE CARD INTO A PORTABLE ELECTRONIC READER AND THEN SUBSEQUENTLY SIGN FOR APPROVAL OF THE TRANSACTION. S 2. The banking law is amended by adding a new section 9-w to read as follows: S 9-W. SMART CHIP TECHNOLOGY. A LENDING INSTITUTION, AS DEFINED IN PARAGRAPH (A) OF SUBDIVISION ONE OF SECTION NINE-T OF THIS ARTICLE, SHALL NOT ISSUE CREDIT CARDS OR DEBIT CARDS WITHOUT SMART CHIP TECHNOLO- GY AS DEFINED IN SUBDIVISION THIRTY OF SECTION TWO OF THIS ARTICLE. S 3. This act shall take effect immediately and shall apply to all credit cards issued or reissued on and after January 1, 2016. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02171-01-5
2015-S2158A - Details
- See Assembly Version of this Bill:
- A1848
- Current Committee:
- Senate Banks
- Law Section:
- Banking Law
- Laws Affected:
- Amd §2, add §9-w, Bank L
- Versions Introduced in 2013-2014 Legislative Session:
-
S6551, A8649
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