New Law Requires Transparent Disclosure of Credit Card Surcharges in New York

In a move to empower consumers and promote transparency in financial transactions, Westchester County Executive George Latimer, New York State Assemblywoman Amy Paulin, and County Director of Consumer Protection Jim Maisano have united to raise awareness about a recent state law regarding credit card transactions. Effective February 11, 2024, this legislation mandates that merchants throughout New York State must provide clear and conspicuous disclosure of credit card surcharges to their customers.

Highlighting the significance of transparent pricing, Latimer emphasized that informed decision-making hinges on consumers having a clear understanding of potential charges. “Transparent pricing is essential for consumers to make informed decisions,” he stated, expressing gratitude to Assemblywoman Paulin for championing the legislation and Governor Hochul for signing it into law.

Assemblywoman Paulin echoed Latimer’s sentiments, underscoring the protective measures embedded within the new law. “This legislation aims to ensure fairness and prevent consumers from facing surprises at checkout,” she affirmed. Paulin stressed the importance of upfront disclosure of credit card surcharges, enabling consumers to make well-informed purchasing decisions.

Under the provisions of the new law, credit card surcharges are capped at the amount charged to the business by the credit card company. Additionally, businesses are mandated to prominently display the total price, inclusive of any surcharges, prior to the completion of the transaction. These measures seek to shield consumers from hidden fees and equip them with a comprehensive understanding of the costs associated with credit card usage.

Jim Maisano, Director of the Westchester County Department of Consumer Protection, lauded the legislation for reinforcing fairness and transparency in commercial transactions. “This law represents a significant step forward in our ongoing efforts to protect consumers from deceptive practices,” he asserted, emphasizing the importance of consumer empowerment and informed decision-making.

Read More News:

The collaborative efforts of government officials and consumer advocates underscore a shared commitment to safeguarding consumer rights and fostering a marketplace built on integrity and accountability. By enacting measures to ensure transparent disclosure of credit card surcharges, New York State aims to empower consumers and cultivate a financial landscape that prioritizes fairness and transparency.

Leave a Reply

Your email address will not be published. Required fields are marked *