Bill Text: NY A04633 | 2011-2012 | General Assembly | Introduced

New York Assembly Bill 4633 (Prior Session Legislation)

Introduced

Bill Title: Prohibits the issuer of a credit card from increasing the rate of interest or imposing a fee on the account of a holder who has made timely payments and in the minimum amounts required, based on such holder's indebtedness or failure to make timely payments to another creditor; provides that violation of such prohibition shall constitute a misdemeanor.

Spectrum: Moderate Partisan Bill (Democrat 52-12)

Status: (Introduced - Dead) 2012-09-04 - enacting clause stricken [A04633 Detail]

Download: New_York-2011-A04633-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4633
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 4, 2011
                                      ___________
       Introduced  by  M. of A. P. RIVERA, PHEFFER, BOYLAND, JAFFEE, ROSENTHAL,
         CASTRO, DESTITO, CAMARA, GABRYSZAK, PERRY, GUNTHER, JACOBS,  P. LOPEZ,
         TITUS, SPANO, MAGEE, DenDEKKER, LANCMAN, RUSSELL, SCARBOROUGH, MAISEL,
         JEFFRIES,  MENG, LIFTON, ENGLEBRIGHT -- Multi-Sponsored by -- M. of A.
         ARROYO, BENEDETTO,  BRENNAN,  BROOK-KRASNY,  BURLING,  CLARK,  COLTON,
         COOK,  CROUCH, FARRELL, GALEF, GIGLIO, HIKIND, V. LOPEZ, MARKEY, McDO-
         NOUGH, McENENY, MILLMAN, O'DONNELL, ORTIZ, PEOPLES-STOKES, RAIA, REIL-
         LY, J. RIVERA, N. RIVERA, ROBINSON, SWEENEY, THIELE,  TOBACCO,  TOWNS,
         WEISENBERG, WRIGHT, ZEBROWSKI -- read once and referred to the Commit-
         tee on Consumer Affairs and Protection
       AN  ACT  to  amend  the general business law, in relation to prohibiting
         issuers of credit cards from increasing the rate of  interest  imposed
         upon  outstanding  balance  based upon a holder's indebtedness or late
         payments to other creditors
         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  515-a to read as follows:
    3    S 515-A. INCREASING RATE OF INTEREST OR IMPOSITION OF FEES FOR INDEBT-
    4  EDNESS  TO  OTHER  CREDITORS.  1.  NO  ISSUER SHALL INCREASE THE RATE OF
    5  INTEREST UPON THE ACCOUNT OF  THE  HOLDER  OR  IMPOSE  A  FEE  UPON  THE
    6  OUTSTANDING BALANCE OWED BY A HOLDER WHEN THE INCREASED RATE OF INTEREST
    7  OR  THE IMPOSITION OF A FEE IS SOLELY THE RESULT OF THE HOLDER'S INDEBT-
    8  EDNESS OR FAILURE TO MAKE TIMELY PAYMENTS TO ANY OTHER CREDITOR OR CRED-
    9  ITORS.
   10    2. A VIOLATION OF SUBDIVISION ONE OF THIS SECTION SHALL  CONSTITUTE  A
   11  MISDEMEANOR.
   12    S 2. This act shall take effect on the first day of the calendar month
   13  which commences next succeeding the date on which it shall have become a
   14  law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00125-01-1