New York Governor Hochul has enacted four new laws, with one particularly intriguing for our perspective: medical collections will no longer be included in consumers' credit reports (legislation s.4907a/a.6275a). Recent changes have already affected how medical debt is reported, such as no longer reporting debts under $500 nationwide and excluding debts over $500 for a year. It's crucial to differentiate medical debt from other debts since it is often unforeseen and unavoidable.
Additionally, New York has implemented a 90-day grace period for consumers to redeem credit card rewards. Stay informed about these updates.
Exciting News: New York Passes Law to Protect Credit Card Customers' Rewards!
Great news for New York residents! The state senate has recently passed an incredible law, Senate Bill S7104a, that ensures credit card users are given a generous 90-day grace period to redeem their hard-earned rewards after their card is closed. This means that if your credit card account or rewards program is modified, canceled, closed, or terminated, the issuer is required to notify you within 15 days and give you ample time to redeem, exchange, or use your credit card points. This fantastic legislation brings peace of mind and empowers consumers to make the most of their rewards. Don't miss out on this amazing opportunity!
Exciting News: New York's Credit Card Points Protection Law is now in effect! Say goodbye to unexpected devaluations or closures of rewards programs. Thanks to section 520-e, banks are now required to notify cardholders at least 45 days in advance of any changes. Plus, you'll have a generous 90-day grace period to redeem your points under the original terms.
Even if you or the bank decides to close your account, fear not! You'll still have a whole 90 days to cash in on your hard-earned rewards. Keep in mind, though, that fraud or misuse can still result in account closure and point removal. Stay tuned for possible disclosures of misuse from the banks.
This new law is a game-changer for credit card holders!
