N.Y. General Business Law 521-A – Disclosure requirements
§ 521-a. Disclosure requirements. Prior to entering into a contract for services, the credit card registration service shall make the following disclosures: (a) a notice that the purchase of the services or the renewal thereof is not required for a consumer to retain his credit card or access device; (b) a concise statement regarding the limitations of a consumer's liability for unauthorized use of credit cards or access devices as established by the acts of Congress entitled "Truth in Lending Act" and "Electronic Fund Transfer Act" and the regulations thereunder, as such acts and regulations may from time to time be amended.
Terms Used In N.Y. General Business Law 521-A
- Access device: means a card, code, or other means of access to a consumer's account, or any combination thereof, that may be used by the consumer for the purpose of initiating electronic fund transfers. See N.Y. General Business Law 521
- Consumer: means a natural person. See N.Y. General Business Law 521
- Contract: A legal written agreement that becomes binding when signed.
- Contract for services: means a contract between a subscriber and a credit card registration service under which the credit card registration service agrees to provide to a subscriber for a fee any of its services. See N.Y. General Business Law 521
- Credit card: means and includes any credit card, credit plate, charge plate, courtesy card, or other identification card or device which may be used to obtain a cash advance or a loan or credit or to purchase or lease property or services on the credit of the issuer or of the holder. See N.Y. General Business Law 521
- Credit card registration service: means any person who provides to subscribers for a fee services including, but not limited to, any of the following: maintenance of a registry of credit cards or access devices owned by a subscriber; notification on behalf of a subscriber to card issuers or financial institutions that any of a subscriber's credit cards or access devices have been lost or stolen; assistance to a subscriber in obtaining new cards or access devices when the subscriber's cards or access devices have been lost or stolen; and notification on behalf of a subscriber to card issuers or financial institutions that a subscriber's address has changed. See N.Y. General Business Law 521
- Subscriber: means a consumer who is solicited to purchase or who purchases the services of a credit card registration service. See N.Y. General Business Law 521
Such disclosures if made orally shall also be made in writing by the credit card registration service to the subscriber no later than thirty days after the contract for services is entered into.