Limits debit cardholder liability for unauthorized use to $50.

New York S06299 amends the general business law to limit the liability of a debit cardholder for unauthorized use of a debit card to $50. The cardholder is not liable if the card issuer has provided adequate notice, the unauthorized use occurs before notification of loss or theft, and the card issuer has a method to identify authorized users. The act takes effect 90 days after becoming law and applies to transactions occurring on or after that date.

Limits debit cardholder liability for unauthorized use to $50.

New York S06299 amends the general business law to limit the liability of a debit cardholder for unauthorized use of a debit card to $50. The cardholder is not liable if the card issuer has provided adequate notice, the unauthorized use occurs before notification of loss or theft, and the card issuer has a method to identify authorized users. The act takes effect 90 days after becoming law and applies to transactions occurring on or after that date.