S T A T E O F N E W Y O R K ________________________________________________________________________ 962 2011-2012 Regular Sessions I N A S S E M B L Y (PREFILED) January 5, 2011 ___________ Introduced by M. of A. DESTITO -- read once and referred to the Commit- tee 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 S 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 S 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. LBD01448-01-1