S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3843
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   February 20, 2015
                                      ___________
       Introduced  by Sens. ESPAILLAT, SAMPSON -- read twice and ordered print-
         ed, and when printed to be committed  to  the  Committee  on  Consumer
         Protection
       AN ACT to amend the general business law, in relation to requiring cred-
         it  card solicitations and statements to display a "Credit Card Facts"
         display box
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The general business law is amended by adding a new section
    2  520-e to read as follows:
    3    S  520-E. CREDIT CARD FACTS DISPLAY. 1. IN ADDITION TO THE DISCLOSURES
    4  REQUIRED BY SECTION FIVE HUNDRED TWENTY OF THIS ARTICLE, ALL APPLICATION
    5  FORMS OR PRE-APPROVED WRITTEN SOLICITATIONS TO ENTER INTO A CREDIT  CARD
    6  AGREEMENT  WHICH  ARE MAILED TO AN INDIVIDUAL RESIDING IN THIS STATE, BY
    7  OR ON BEHALF OF AN ISSUER, WHETHER OR NOT THE ISSUER IS LOCATED IN  THIS
    8  STATE,  OTHER  THAN  AN  APPLICATION  FORM OR SOLICITATION INCLUDED IN A
    9  MAGAZINE, NEWSPAPER, OR OTHER PUBLICATION DISTRIBUTED BY  SOMEONE  OTHER
   10  THAN  THE  ISSUER,  AND,  ANY  APPLICATION  FOR  A  CREDIT CARD WHICH IS
   11  DISTRIBUTED OR MADE AVAILABLE IN THIS STATE TO A RESIDENT OF THIS  STATE
   12  IN AN OFFICE OR OTHER PLACE OF BUSINESS OWNED OR OPERATED BY THE ISSUER,
   13  SHALL  CONTAIN  THE  DISCLOSURES  SET FORTH IN SUBDIVISION THREE OF THIS
   14  SECTION IN THE FORM OF  A  CREDIT  CARD  FACTS  DISPLAY  AND  SHALL  USE
   15  SUBSTANTIALLY THE SAME FORMAT AND TERMINOLOGY SHOWN IN SUBDIVISION THREE
   16  OF THIS SECTION.
   17    2.  ALL  CREDIT CARD STATEMENTS WHICH ARE MAILED OR PROVIDED ELECTRON-
   18  ICALLY TO AN INDIVIDUAL RESIDING IN THIS STATE, BY OR ON  BEHALF  OF  AN
   19  ISSUER,  WHETHER  OR  NOT  THE  ISSUER  IS  LOCATED IN THIS STATE, SHALL
   20  CONTAIN THE DISCLOSURES SET FORTH IN SUBDIVISION THREE OF  THIS  SECTION
   21  IN  THE  FORM OF A CREDIT CARD FACTS DISPLAY AND SHALL USE SUBSTANTIALLY
   22  THE SAME FORMAT AND TERMINOLOGY  SHOWN  IN  SUBDIVISION  THREE  OF  THIS
   23  SECTION.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08516-01-5
       S. 3843                             2
    1    3.  A.  THE CREDIT CARD FACTS DISPLAY SHALL BE BOXED WITH ALL BLACK OR
    2  ONE COLOR TYPE PRINTED ON A WHITE OR NEUTRAL BACKGROUND.
    3    B.  HELVETICA  BLACK  BOLD TYPEFACE SHALL BE USED FOR ALL HEADINGS AND
    4  SUBHEADINGS AND HELVETICA REGULAR TYPEFACE MAY BE USED  FOR  INFORMATION
    5  DISCLOSURES.
    6    C.  TYPE  SIZE  SHALL  BE: (I) SIXTEEN POINT OR LARGER FOR THE PRIMARY
    7  "CREDIT CARD FACTS" HEADING;
    8    (II) TWELVE POINT OR LARGER FOR THE "INTEREST RATE", "FEES",  "PAYMENT
    9  OPTIONS" AND "WARNINGS" HEADINGS; AND
   10    (III)  TEN POINT OR LARGER FOR THE SUBHEADINGS AND INFORMATION DISCLO-
   11  SURES.
   12    D. AN EIGHT POINT RULE SEPARATES LARGE GROUPINGS  AS  SHOWN  BELOW  IN
   13  THIS SUBDIVISION. A SIX POINT RULE INFORMATION DISCLOSURE LINES.
   14    E.  ALL  LABELS  ARE  ENCLOSED BY ONE-HALF POINT BOX RULE WITHIN THREE
   15  POINTS OF TEXT MEASURE.
   16  CREDIT CARD FACTS
   17  HERE IS A SUMMARY OF THE TERMS OF THIS CREDIT CARD ACCOUNT
   18  INTEREST RATES
   19  PURCHASES
   20  ________________________________________________________________________
   21  BALANCE TRANSFERS
   22  ________________________________________________________________________
   23  CASH ADVANCES
   24  ________________________________________________________________________
   25  LATE PAYMENTS
   26  ________________________________________________________________________
   27  MINIMUM INTEREST
   28  FEES
   29  FOREIGN CURRENCY PURCHASES
   30  ________________________________________________________________________
   31  BALANCE TRANSFERS
   32  ________________________________________________________________________
   33  CASH ADVANCES
   34  ________________________________________________________________________
   35  LATE PAYMENTS
   36  ________________________________________________________________________
   37  EXCEEDING CREDIT LIMIT
   38  PAYMENT OPTIONS
   39  IN FULL BY DUE DATE
   40  ________________________________________________________________________
   41  MINIMUM BALANCE BY DUE DATE
   42  WARNINGS
   43  LATE PAYMENTS
   44    S 2. This act shall take effect on the first of January next  succeed-
   45  ing the date on which it shall have become a law.