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NY A01369

Bill

Official Source

Status

Introduced

1/9/2013

Primary Sponsor

Kevin Cahill

Click for details

Origin

Assembly

2013-2014 General Assembly

AI Summary

  • Adds new Section 518-B to New York General Business Law governing credit card late charges
  • Caps credit card late payment charges at the lesser of: 5% of the unpaid balance (including interest) or $20
  • Applies to all charges assessed by credit card companies for late payments
  • 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

1/8/2014

Committee Referrals

Banks1/9/2013

Full Bill Text

No bill text available