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NY A00487
Bill
Status
Introduced
1/7/2009
Primary Sponsor
Thomas Alfano
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AI Summary
- Amends the General Business Law by adding Section 518-B to regulate credit card late payment charges
- Caps late charges at the lesser of: 5% of the unpaid balance (including interest) or $20
- Takes effect 90 days after becoming law
Legislative Description
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.
Last Action
referred to banks
1/6/2010
Committee Referrals
Banks1/7/2009
Full Bill Text
No bill text available