N.Y. General Business Law Section 520-C
Credit information


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.


The superintendent of financial services is authorized to adopt such rules and regulations as consistent with the provisions of this section.


For the purposes of this section:


“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


“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.


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.

Source: Section 520-C — Credit information, https://www.­nysenate.­gov/legislation/laws/GBS/520-C (updated Sep. 22, 2014; accessed Jun. 15, 2024).

Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 520-C’s source at nysenate​.gov

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