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.