Rep. Robert Rita
Filed: 5/6/2013
 
 

 

 

 
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1
AMENDMENT TO SENATE BILL 1829 




2    AMENDMENT NO. ______. Amend Senate Bill 1829 by replacing 
3line 12 on page 5 through line 10 on page 7 with the following:
4    "(a) The issuer of a general use reloadable card shall make 
5the disclosures required under this Section in accordance with 
6the following standards:
7        (1)  The disclosures shall be clear and conspicuous.  The 
8    disclosures may contain commonly accepted or readily 
9    understandable abbreviations or symbols.
10        (2)  The disclosures required under items (1), (2), and 
11    (3) of subsection (b) of this Section shall be provided to 
12    the consumer in written or electronic form.  When cards are 
13    sold online, the disclosures required by item (1) of 
14    subsection (b) of this Section must be clearly and 
15    conspicuously accessible on the issuer's Internet website 
16    prior to purchase.
17        (3)  For joint accounts, only one set of the required 
18    disclosures shall be provided and may be given to any of 
 
 
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1    the account holders.
2        (4)  Issuers may design their own disclosure format, 
3    provided that all fees required to be disclosed under 
4    subsection (b) of this Section are included, the amount of 
5    each fee is disclosed along with the frequency at which 
6    each fee may be assessed, and the substance and clarity of 
7    the disclosures are not affected.
8    (b) The issuer must make the following disclosures:
9        (1)  Before a general use reloadable card is purchased, 
10    the issuer shall disclose to the consumer the amount of 
11    any:
12            (A)  card purchase fee;
13            (B)  monthly maintenance fee;
14            (C) cash withdrawal fee at an ATM and cash advance 
15        fee at retail locations;
16            (D)  reload fee;  and
17            (E)  balance inquiry fee, unless disclosure of the 
18        balance is available to the consumer without cost via 
19        telephone or Internet access.
20        The disclosures required in this item (1) must be made 
21    on the portion of the card packaging accessible to the 
22    consumer prior to purchase for all cards sold at retail 
23    locations.
24        (2) The issuer shall include the following disclosures 
25    on the card:
26            (A)  the expiration date of the card, if any; and
 
 
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1            (B)  a toll-free telephone number and, if one is 
2        maintained, an Internet website that a consumer may use 
3        to obtain information about fees and to obtain a 
4        replacement card after the card expires if the 
5        underlying funds may be available thereafter.
6        (3) The issuer shall disclose with the card the amount 
7    of each type of fee not disclosed in item (1) of this 
8    subsection (b) that may be imposed in connection with the 
9    card after purchase (or, if variable, an explanation of how 
10    the fee shall be determined) and the conditions under which 
11    the fee may be imposed.
12    (c)  A card, code, or other access device is not a general 
13use reloadable card merely because the issuer or processor is 
14technically able to add functionality that would otherwise 
15enable the card, code, or other access device to be reloaded.
16    (d)  Compliance with the federal Electronic Fund Transfer 
17Act and any regulations issued under that Act regarding general 
18use reloadable card disclosures shall constitute compliance 
19with this Section.
20    (e)  The requirements of this Section shall apply to any 
21general use reloadable card sold to a consumer on or after 
22January 1, 2015.
23    (f) In this Section, "card" means a general use reloadable 
24card.".