N.Y. GBS. LAW § 520-c : NY Code - Section 520-C: Credit information

Search N.Y. GBS. LAW § 520-c : NY Code - Section 520-C: Credit information

1. The banking department shall establish
  a  toll-free  telephone  number  service  at which information on annual
  percentage rates, annual fees,  per-transaction  charges,  late  payment
  fees, overlimit fees and grace periods for credit cards can be obtained.
  Every  issuer  of credit cards to natural persons residing in this state
  shall set forth on each solicitation, application  and  monthly  billing
  statement  mailed  or  otherwise  presented  to  such  persons, a notice
  stating "New York residents may  contact  the  New  York  state  banking
  department  to  obtain  a comparative listing of credit card rates, fees
  and grace periods." Such notice shall be printed on the same side as the
  disclosure of rates, fees and charges, in case of the solicitations  and
  applications,  and  on the same side as the notice of the balance of the
  account and the amount due are printed,  in  the  case  of  the  monthly
  billing  statement.  The  superintendent  of  banks  shall prescribe the
  address and telephone number to be  printed  next  to  the  notice.  The
  notice  shall  be  in  type  no smaller than eight points. Issuers shall
  include such notice in materials sent to  residents  of  this  state  as
  required  under  this section commencing October first, nineteen hundred
  ninety-four.
    2. The superintendent of banks shall develop  and  distribute  to  all
  issuers  of  credit  cards, no more than thirty days after the effective
  date of this section, a form which shall be  used  for  the  purpose  of
  collecting   information   on  annual  percentage  rates,  annual  fees,
  per-transaction charges, late payment fees,  overlimit  fees  and  grace
  periods  governed  by  the  terms of each type of credit card offered by
  such issuer to natural persons residing in  this  state.  Issuers  shall
  return  the  forms  to  the banking department no later than one hundred
  fifty days after the  effective  date  of  this  section,  and  annually
  thereafter,  but  no  later than April first of each year, commencing in
  nineteen hundred ninety-five. The superintendent of banks shall  publish
  the  information  obtained  from such forms and make it available to New
  York residents upon request, commencing not later  than  October  first,
  nineteen hundred ninety-four, and annually thereafter but not later than
  July first of each year.
    3.  The  superintendent of banks is authorized to adopt such rules and
  regulations as consistent with the provisions of this section.
    4. For the purposes of this section:
    (a) "Credit card" means any card issued pursuant to an agreement which
  allows the holder of the card to obtain goods and services on the credit
  of the issuer; and
    (b) "Issuer" means any bank, trust company, savings bank, savings  and
  loan  association,  or  branch  of  a  foreign  banking  corporation the
  deposits  of  which  are  insured  by  the  federal  deposit   insurance
  corporation,  which  is  incorporated,  chartered, organized or licensed
  under the laws of this state or any other state or  the  United  States,
  which issues credit cards to natural persons residing in this state.
    5.  The  authority of the superintendent of banks pursuant to sections
  thirty-nine and forty-four of the banking law shall extend to violations
  of this section by any issuer.