Bill Text: NY A01200 | 2009-2010 | General Assembly | Introduced

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Bill Title: An act to amend the general business law, in relation to credit card late charges

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-01-06 - referred to consumer affairs and protection [A01200 Detail]

Download: New_York-2009-A01200-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1200
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 7, 2009
                                      ___________
       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.
                                                                  LBD03552-01-9