§ 520-C — Credit information

§ 520-c. Credit information. 1. The department of financial services\nshall establish a telephone number and an area on its website, or\nprovide a link on such site to other websites with a toll-free telephone\nnumber service at which customers may obtain information on annual\npercentage rates, annual fees, per-transaction charges, late payment\nfees, overlimit fees and grace periods for credit cards to the extent\nreadily available to the department. Every issuer of credit cards to\nnatural persons residing in this state shall set forth on each\nsolicitation, application and monthly billing statement mailed or\notherwise presented to such persons, a notice stating "New York\nresidents may contact the New York state department of financial\nservices by telephone or visit its website for free information on\ncomparative credit card rates, fees and grace periods." Such notice\nshall be printed on the same side as the disclosure of rates, fees and\ncharges, in case of the solicitations and applications, and on the same\nside as the notice of the balance of the account and the amount due are\nprinted, in the case of the monthly billing statement. The\nsuperintendent of financial services shall prescribe the web address and\ntelephone number to be printed next to the notice. The notice shall be\nin type no smaller than eight points. The telephone number of the credit\ncard issuer shall appear higher up on the page and in the type at least\nas large as that provided for the telephone number of the department of\nfinancial services. Issuers shall include such notice in materials sent\nto residents of this state as required under this section commencing\nOctober first, nineteen hundred ninety-four.\n 2. The superintendent of financial services is authorized to adopt\nsuch rules and regulations as consistent with the provisions of this\nsection.\n 3. For the purposes of this section:\n (a) "Credit card" means any card issued pursuant to an agreement which\nallows the holder of the card to obtain goods and services on the credit\nof the issuer; and\n (b) "Issuer" means any bank, trust company, savings bank, savings and\nloan association, or branch of a foreign banking corporation the\ndeposits of which are insured by the federal deposit insurance\ncorporation, which is incorporated, chartered, organized or licensed\nunder the laws of this state or any other state or the United States,\nwhich issues credit cards to natural persons residing in this state.\n 4. The authority of the superintendent of financial services pursuant\nto sections thirty-nine and forty-four of the banking law shall extend\nto violations of this section by any issuer.\n