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NY A01009

Bill

Official Source

Status

Introduced

1/5/2011

Primary Sponsor

Kevin Cahill

Click for details

Origin

Assembly

2011-2012 General Assembly

AI Summary

  • Amends 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
  • Applies to all credit card companies operating in New York State
  • 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

1/4/2012

Committee Referrals

Banks1/5/2011

Full Bill Text

No bill text available