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NY A01572
Bill
Status
Introduced
1/12/2015
Primary Sponsor
Kevin Cahill
Click for details
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 five percent of the unpaid balance (including interest) or twenty dollars
- Takes effect ninety days after enactment
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
1/6/2016
Committee Referrals
Banks1/12/2015
Full Bill Text
No bill text available