New York A 8744: Requires issuers of credit cards to give the cardholder at least 45 days notice before closing the cardholder's account

Bill Text

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A08744 Summary:

BILL NOA08744A

&nbsp

SAME ASSAME AS S01859-A

&nbsp

SPONSORJackson

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §520-f, Gen Bus L

&nbsp

Requires issuers of credit cards to give the cardholder at least thirty days written notice via email, text message, or written letter before closing, cancelling, or terminating the cardholder's account.

Go to top A08744 Actions:

BILL NOA08744A

&nbsp

06/02/2025referred to consumer affairs and protection

01/07/2026referred to consumer affairs and protection

06/04/2026amend (t) and recommit to consumer affairs and protection

06/04/2026print number 8744a

Go to topA08744 Committee&nbspVotes:

Go to topA08744 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA08744 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8744--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 June 2, 2025
 ___________

 Introduced by M. of A. JACKSON -- read once and referred to the Commit-
 tee on Consumer Affairs and Protection -- recommitted to the Committee
 on Consumer Affairs and Protection in accordance with Assembly Rule 3,
 sec. 2 -- committee discharged, bill amended, ordered reprinted as
 amended and recommitted to said committee

 AN ACT to amend the general business law, in relation to requiring
 issuers of credit cards to give the cardholder at least thirty days
 notice before closing, cancelling, or terminating the cardholder's
 account

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The general business law is amended by adding a new section
 2 520-f to read as follows:
 3 § 520-f. Issuer cancellation. 1. Notice required. No issuer shall
 4 close, cancel, or terminate a holder's account with the issuer for the
 5 extension of credit through the use of a credit card without providing
 6 the holder written notice via email, text message, or written letter at
 7 least thirty days before the effective date of such closure, cancella-
 8 tion, or termination.
 9 2. Exceptions. The provisions of this section shall not apply if an
 10 issuer closes, cancels, or terminates a holder's account with the issuer
 11 for the extension of credit through the use of a credit card because of:
 12 (a) fraud, misuse, identity theft, or unauthorized use affecting the
 13 account;
 14 (b) delinquency, default, or other failure by the holder to comply
 15 with the terms and conditions governing the account;
 16 (c) the holder's bankruptcy, insolvency, receivership, death, legal
 17 incapacity, or inability to repay or otherwise perform obligations under
 18 the credit card agreement; or
 19 (d) any federal, state, or local law, regulation, court order, legal
 20 process, sanctions requirement, anti-money-laundering obligation, or

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05393-03-6

 A. 8744--A 2

 1 other governmental directive or restriction requiring or reasonably
 2 necessitating such action.
 3 § 2. This act shall take effect on the one hundred twentieth day after
 4 it shall have become a law.

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