N.Y. General Business Law § 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.