Bill Text: NY A04590 | 2023-2024 | 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: Partisan Bill (Democrat 3-0)

Status: (Introduced) 2024-01-03 - referred to consumer affairs and protection [A04590 Detail]

Download: New_York-2023-A04590-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4590

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    February 17, 2023
                                       ___________

        Introduced  by  M.  of A. BICHOTTE HERMELYN -- 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    § 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    §  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.
                                                                   LBD07221-01-3