Bill Text: NY A01572 | 2015-2016 | General Assembly | Introduced

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Bill Title: Provides that any charges assessed by a credit card company for late payment shall not exceed five percent of the unpaid balance of any bill, including any interest thereon, or twenty dollars, whichever amount is less.

Spectrum: Moderate Partisan Bill (Democrat 4-1)

Status: (Introduced - Dead) 2016-01-06 - referred to banks [A01572 Detail]

Download: New_York-2015-A01572-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1572
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 12, 2015
                                      ___________
       Introduced  by  M. of A. CAHILL -- Multi-Sponsored by -- M. of A. CLARK,
         CURRAN, ENGLEBRIGHT, HOOPER, MAGEE -- read once and  referred  to  the
         Committee on Banks
       AN  ACT  to  amend  the general business law, in relation to credit card
         late charges
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The general business law is amended by adding a new section
    2  518-b to read as follows:
    3    S  518-B.  CREDIT  CARD LATE CHARGES. ANY CHARGES ASSESSED BY A CREDIT
    4  CARD COMPANY FOR LATE PAYMENT SHALL  NOT  EXCEED  FIVE  PERCENT  OF  THE
    5  UNPAID  BALANCE  OF  ANY BILL, INCLUDING ANY INTEREST THEREON, OR TWENTY
    6  DOLLARS, WHICHEVER AMOUNT IS LESS.
    7    S 2. This act shall take effect on the ninetieth day  after  it  shall
    8  have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06226-01-5