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NY A00156

Bill

Official Source

Status

Introduced

1/4/2017

Primary Sponsor

Kevin Cahill

Click for details

Origin

Assembly

2017-2018 General Assembly

AI Summary

  • Amends General Business Law by adding new section 518-b to regulate credit card late charges
  • Caps late payment charges at the lesser of 5% of the unpaid balance (including accrued interest) or $20
  • 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

1/3/2018

Committee Referrals

Banks1/4/2017

Full Bill Text

No bill text available