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NY A00600

Bill

Official Source

Status

Introduced

1/6/2021

Primary Sponsor

Kevin Cahill

Click for details

Origin

Assembly

2021-2022 General Assembly

AI Summary

  • Amends New York General Business Law by adding new section 518-b regulating 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 payment
  • 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

1/5/2022

Committee Referrals

Banks1/6/2021

Full Bill Text

No bill text available