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NY A04633
Bill
Status
2/4/2011
Primary Sponsor
Peter Rivera
Click for details
AI Summary
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Prohibits credit card issuers from increasing the interest rate on a cardholder's account based solely on the cardholder's indebtedness or late payments to other creditors
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Prohibits credit card issuers from imposing fees on an outstanding balance based solely on the cardholder's indebtedness or late payments to other creditors
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Violations of this prohibition constitute a misdemeanor
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Effective on the first day of the calendar month following the date the bill becomes law
Legislative Description
Prohibits the issuer of a credit card from increasing the rate of interest or imposing a fee on the account of a holder who has made timely payments and in the minimum amounts required, based on such holder's indebtedness or failure to make timely payments to another creditor; provides that violation of such prohibition shall constitute a misdemeanor.
Last Action
enacting clause stricken
9/4/2012