Bill Text: NY A05454 | 2017-2018 | General Assembly | Introduced

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Bill Title: Provides that any charges assessed by a credit card company for late payment shall not exceed one and one-half percent of the unpaid balance of any bill or fifteen dollars.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2018-01-03 - referred to consumer affairs and protection [A05454 Detail]

Download: New_York-2017-A05454-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          5454
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    February 9, 2017
                                       ___________
        Introduced by M. of A. WEPRIN, SKOUFIS -- Multi-Sponsored by -- M. of A.
          PERRY  --  read once and referred to the Committee on Consumer Affairs
          and Protection
        AN ACT to amend the general business law, in  relation  to  credit  card
          late charges
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The general business law is amended by adding a new section
     2  518-b to read as follows:
     3    § 518-b. Credit card late charges. Any charges assessed  by  a  credit
     4  card  company for late payment shall not exceed one and one-half percent
     5  of the unpaid balance of any bill, including any  interest  thereon,  or
     6  fifteen dollars, whichever amount is less.
     7    §  2.  This  act shall take effect on the ninetieth day after it shall
     8  have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09521-01-7