Bill Text: NY A01496 | 2023-2024 | 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 1-0)

Status: (Introduced) 2024-01-03 - referred to consumer affairs and protection [A01496 Detail]

Download: New_York-2023-A01496-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1496

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 17, 2023
                                       ___________

        Introduced by M. of A. WEPRIN -- 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.
                                                                   LBD01459-01-3