Bill S748-2013

Provides for distribution, on the internet, of information to the public regarding credit card and banking rates, charges and other terms

Provides for distribution to the public, over the internet, of information regarding credit card rates, charges, terms and other conditions; further provides for dissemination of information over the internet regarding types of bank accounts available, requirements for opening an account, and all fees charged the customer, including monthly fees and transaction fees.

Details

Actions

  • Feb 27, 2013: REPORTED AND COMMITTED TO FINANCE
  • Jan 9, 2013: REFERRED TO CONSUMER PROTECTION

Meetings

Votes

VOTE: COMMITTEE VOTE: - Consumer Protection - Feb 27, 2013
Ayes (11): Zeldin, Boyle, Fuschillo, Little, Marchione, Maziarz, Savino, Hoylman, Serrano, Gipson, Latimer

Memo

BILL NUMBER:S748

TITLE OF BILL:

An act to amend the general business law and the banking law, in relation to providing information to the public on the internet or providing a link or links to such information

PURPOSE:

To enable New York State consumers to access information about bank account and credit card account requirements and fees directly from an Internet website.

SUMMARY OF PROVISIONS:

Section 1. would add a new subdivision 1-a to §520-c of the General Business law to direct the Department of Financial Services to establish on its website or to provide a link or links on its website for persons to obtain the same basic credit card account information currently made available by toll-free telephone number. Information on how to access such website would be printed and distributed in the same manner as the telephone number information described in subdivision one of the section and on credit card promotional material distributed by issuers of such cards. This information is currently required to be compiled and made available to the public.

§ 2 would amend the Banking law by adding a new § 14-g, which would authorize and direct the Superintendent of the Department of Financial Services to provide on the Departments website or provide a link to provide up-to-date basic bank account information to current and potential banking customers. In addition, the Superintendent of the Department of Financial Services would promulgate rules and regulations necessary to obtain current information from banking institutions.

§ 3 Effective date.

JUSTIFICATION:

Banking and credit card accounts and associated fees have become increasingly expensive in New York State, and choosing the right account can be very complex and time consuming. When choosing a bank, the consumer must compare fees and surcharges applied to ATM card transactions, writing checks, failure to maintain a certain monthly average or daily balance, and to bounced checks. The "right" choice varies by the needs of each individual consumer, In order to make comparisons between bank accounts, consumers currently must gather information from each individual bank in their area, to choose the account that best fits their needs.

As an aide to consumers, the Department of Financial Services is already required by regulation to compile information regarding consumer accounts and make that information available to the public. This measure, which would require posting on its website or to

provide a link or links to such fee and account information. This would give consumers an additional source to make educated choices regarding their banking.

LEGISLATIVE HISTORY:

2011-2012: Finance Committee (S.3960B) 2007-2008: Third Reading (S.4305) 2006: Consumer Protection Committee (S.1950/A.9322) 2005: Third Reading Calendar (S.1950/A.9322) 2003-2004 Consumer Protection Committee (S.4741) 2001-2002 Third Reading Calendar (S.1073-A) 2000: Third Reading (S.7710/A.11013)

FISCAL IMPLICATIONS:

A very minimal cost to post the information on the website.

EFFECTIVE DATE:

This act shall take effect one year after it shall have become law.


Text

STATE OF NEW YORK ________________________________________________________________________ 748 2013-2014 Regular Sessions IN SENATE (PREFILED) January 9, 2013 ___________
Introduced by Sen. FUSCHILLO -- 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 and the banking law, in relation to providing information to the public on the internet or providing a link or links to such information THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 520-c of the general business law is amended by adding a new subdivision 1-a to read as follows: 1-A. THE DEPARTMENT OF FINANCIAL SERVICES SHALL ESTABLISH ON ITS WEBSITE OR PROVIDE A LINK OR LINKS ON ITS WEBSITE FOR PERSONS TO OBTAIN THE SAME INFORMATION MADE AVAILABLE BY TOLL-FREE TELEPHONE PURSUANT TO SUBDIVISION ONE OF THIS SECTION. INFORMATION ON HOW TO ACCESS SUCH WEBSITE SHALL BE PRINTED AND DISTRIBUTED IN THE SAME MANNER AS THE TELE- PHONE NUMBER INFORMATION DESCRIBED IN SUBDIVISION ONE OF THIS SECTION. S 2. The banking law is amended by adding a new section 14-g to read as follows: S 14-G. POWERS OF THE SUPERINTENDENT WITH REGARD TO PROVIDING CURRENT BANKING INFORMATION. 1. THE SUPERINTENDENT IS AUTHORIZED AND DIRECTED TO PROVIDE THROUGH A TOLL-FREE TELEPHONE SERVICE AT WHICH INFORMATION INCLUDING BUT NOT LIMITED TO ANNUAL PERCENTAGE RATES, ANNUAL FEES, PER TRANSACTION CHARGES, LATE PAYMENT FEES, OVER LIMIT FEES AND GRACE PERI- ODS FOR CREDIT CARDS CAN BE OBTAINED. 2. THE SUPERINTENDENT IS AUTHORIZED AND DIRECTED TO PROVIDE ON THE WEBSITE OF THE DEPARTMENT THE INFORMATION DESCRIBED IN SUBDIVISION ONE OF THIS SECTION OR TO PROVIDE A LINK OR LINKS TO SUCH INFORMATION. 3. THE SUPERINTENDENT MAY PROMULGATE RULES AND REGULATIONS NECESSARY TO OBTAIN THE INFORMATION REQUIRED PURSUANT TO SUBDIVISION ONE OF THIS SECTION, IN A MANNER THAT WILL ENABLE THE SUPERINTENDENT TO UPDATE THE DEPARTMENT'S WEBSITE INFORMATION. S 3. This act shall take effect one year after it shall have become a law.

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