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NY A04590
Bill
Status
Introduced
2/17/2023
Primary Sponsor
Rodneyse Bichotte Hermelyn
Click for details
AI Summary
- Amends the 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 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 consumer affairs and protection
1/3/2024
Committee Referrals
Consumer Affairs and Protection4/17/2023
Banks2/17/2023
Full Bill Text
No bill text available