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.
TITLE OF BILL:
An act to amend the general business law, in relation to requiring due dates on periodic statements
This bill would amend the General Business Law by adding a new section 520-d to provide that every statement (showing money is owed to the issuer of the credit card upon which finance charges will accrue) shall contain a due date by which the bill must be paid, and the payment required to avoid new or additional finance charges.
Many credit card statements do not contain specific due dates, which can lead individuals to accidentally fail to pay their bill on time and incur additional interest fees or penalties. Statements also may not reflect the amount that could be paid in order to avoid incurring any new or additional finance charges. Requiring statements to contain the due dates, would make consumers more aware of deadlines and hence, assist in facilitating the timely payment of their credit card bills.
This act shall take effect on the first of November next succeeding the date on which it shall have become a law.
STATE OF NEW YORK ________________________________________________________________________ 1906 2011-2012 Regular Sessions IN SENATE January 14, 2011 ___________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. LBD07163-01-1