2021 New York Laws
GBS - General Business
Article 29-A - Unauthorized or Improper Use of Credit Cards and Debit Cards
520-C - Credit Information.

§  520-c.  Credit information. 1. The department of financial services
shall establish a telephone number  and  an  area  on  its  website,  or
provide a link on such site to other websites with a toll-free telephone
number  service  at  which  customers  may  obtain information on annual
percentage rates, annual fees,  per-transaction  charges,  late  payment
fees,  overlimit  fees  and grace periods for credit cards to the extent
readily available to the department. 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  department  of  financial
services  by  telephone  or  visit  its  website for free information on
comparative 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 financial services shall prescribe the web address and
telephone  number  to be printed next to the notice. The notice shall be
in type no smaller than eight points. The telephone number of the credit
card issuer shall appear higher up on the page and in the type at  least
as  large as that provided for the telephone number of the department of
financial services. 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 financial services  is  authorized  to  adopt
such  rules  and  regulations  as consistent with the provisions of this
section.
  3. 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.
  4.  The authority of the superintendent of financial services pursuant
to sections thirty-nine and forty-four of the banking law  shall  extend
to violations of this section by any issuer.