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NY A00397

Bill

Official Source

Status

Introduced

1/9/2019

Primary Sponsor

Kevin Cahill

Click for details

Origin

Assembly

2019-2020 General Assembly

AI Summary

  • Amends New York General Business Law by adding 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
  • Applies to all credit card companies operating in New York

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

1/8/2020

Committee Referrals

Banks1/9/2019

Full Bill Text

No bill text available