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NY S07104
Bill
Status
7/22/2020
Primary Sponsor
Shelley Mayer
Click for details
AI Summary
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Establishes a 90-day grace period for cardholders to redeem accumulated credit card reward points after an account is modified, cancelled, closed, or terminated, beginning from the date notice is sent by the issuer.
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Requires issuers to notify cardholders within 15 days of any account modification, cancellation, closure, or termination.
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Prohibits credit card agreements and rewards programs from including expiration dates on accumulated credit card points.
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Voids any cardholder agreement that waives, limits, or disclaims the rights established in this section as contrary to public policy.
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Does not apply in cases of cardholder fraud or misuse of the credit card account or related rewards program.
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Takes effect one year after becoming law.
Legislative Description
Relates to establishing a set grace period for the use of credit card reward points when an account is modified, cancelled, closed or terminated; ninety days shall be provided for the use of such points from the date notice of modification, cancellation, or termination of the card is provided.
Last Action
referred to consumer affairs and protection
7/22/2020