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NY A04419

Bill

Official Source

Status

Introduced

2/4/2009

Primary Sponsor

Joseph Errigo

Click for details

Origin

Assembly

2009-2010 General Assembly

AI Summary

  • Adds new Section 14-G to the Banking Law establishing the Banking Board's authority to set maximum credit card interest rates
  • Sets a baseline maximum interest rate of 18 percent annually for credit cards
  • Allows the maximum rate to exceed 18 percent only if the prime rate exceeds 18 percent for 60 consecutive days, but any new rate cannot exceed the prime rate plus 1.25 percent
  • Prohibits any person, firm, or corporation from charging interest on credit card extensions that exceeds the rate prescribed by the Banking Board
  • Takes effect 30 days after becoming law

Legislative Description

An act to amend the banking law, in relation to the maximum rate of interest on credit cards

Last Action

referred to banks

1/6/2010

Committee Referrals

Banks2/4/2009

Full Bill Text

No bill text available