Bill Text: NY A06961 | 2009-2010 | General Assembly | Introduced

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Bill Title: Relates to creating a forty-eight hour grace period from due date of credit card bill.

Spectrum: Strong Partisan Bill (Democrat 19-1)

Status: (Introduced - Dead) 2010-01-06 - referred to consumer affairs and protection [A06961 Detail]

Download: New_York-2009-A06961-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6961
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 18, 2009
                                      ___________
       Introduced  by  M.  of  A.  DenDEKKER  --  read once and referred to the
         Committee on Consumer Affairs and Protection
       AN ACT to amend the general business law,  in  relation  to  creating  a
         forty-eight hour grace period from the due date of a credit card bill
         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. GRACE PERIOD FOR FEES AND CHARGES. 1. ISSUERS OF CREDIT CARDS
    4  SHALL NOT IMPOSE OR MODIFY ANY CHARGES RELATED TO THE ANNUAL  PERCENTAGE
    5  RATE, FEES FOR ISSUANCE OF AVAILABILITY, MINIMUM FINANCE CHARGES, TRANS-
    6  ACTION CHARGES, CASH ADVANCE FEES, RENEWAL FEES, OVER-THE-LIMIT FEES, OR
    7  ANY  OTHER  FEE  OR RATE RELATED TO USE OF A CREDIT CARD FOR A PERIOD OF
    8  FORTY-EIGHT HOURS FROM THE DUE DATE OF A CREDIT CARD BILL FOR ALL NEW OR
    9  RENEWED CREDIT CARD ACCOUNTS CREATED ON OR AFTER THE EFFECTIVE  DATE  OF
   10  THIS SECTION.
   11    2. (A) EVERY VIOLATION OF THIS SECTION SHALL BE DEEMED A DECEPTIVE ACT
   12  AND  PRACTICE  SUBJECT TO ENFORCEMENT UNDER ARTICLE TWENTY-TWO-A OF THIS
   13  CHAPTER. IN EVERY CASE WHERE THE COURT SHALL DETERMINE THAT A  VIOLATION
   14  OF  THIS SECTION HAS OCCURRED, IT MAY IMPOSE A CIVIL PENALTY OF NOT MORE
   15  THAN ONE THOUSAND DOLLARS FOR SUCH VIOLATION, AND  MAY  IMPOSE  A  CIVIL
   16  PENALTY  OF  NOT  MORE  THAN  TWO  THOUSAND  DOLLARS FOR EACH SUBSEQUENT
   17  VIOLATION.
   18    (B) NOTHING IN THIS SECTION SHALL BE CONSTRUED TO RESTRICT  ANY  RIGHT
   19  WHICH ANY PERSON MAY HAVE UNDER ANY OTHER STATUTE OR THE COMMON LAW.
   20    S  2. This act shall take effect on the first of January next succeed-
   21  ing the date on which it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08018-03-9