Bill Text: NY A03004 | 2011-2012 | General Assembly | Introduced

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Bill Title: Provides a fifteen day grace period for the imposition of late fees for credit card bills.

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Introduced - Dead) 2012-01-04 - referred to consumer affairs and protection [A03004 Detail]

Download: New_York-2011-A03004-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3004
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 21, 2011
                                      ___________
       Introduced  by  M. of A. PERRY -- Multi-Sponsored by -- M. of A. CAHILL,
         COLTON, COOK, HEASTIE, HOOPER, MENG, TOWNS -- read once  and  referred
         to the Committee on Higher Education
       AN  ACT  to  amend  the general business law, in relation to providing a
         grace period for the imposition of late fees for credit card bills
         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 ACCOUNT LATE FEES; FIFTEEN DAY GRACE PERIOD. NO
    4  ISSUER OF A CREDIT CARD DOING BUSINESS IN THIS STATE SHALL CHARGE A LATE
    5  FEE TO THE CREDIT CARD ACCOUNT OF ANY PERSON WHO FAILS TO TIMELY MAKE  A
    6  PAYMENT ON SUCH CREDIT CARD ACCOUNT, UNTIL AT LEAST FIFTEEN DAYS FOLLOW-
    7  ING THE DATE THAT SUCH PAYMENT WAS DUE.
    8    S  2.  This  act shall take effect on the thirtieth day after it shall
    9  have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02561-01-1