NY A07020

Caps interest rates on credit cards issued by New York state banking institutions for personal, family, or household purposes at 10% per annum for New York residents

Applies the 10% cap to credit cards issued both before and after the law takes effect, voiding any higher rates as against public policy

Prohibits individuals from using any credit card for personal, family, or household purchases if the interest rate exceeds the 10% maximum

Authorizes the Attorney General to seek injunctions in state supreme court to stop violations of the interest rate cap

Includes a sunset provision causing the law to automatically expire and be repealed 5 years after enactment