Bill Text: NY S00363 | 2023-2024 | General Assembly | Introduced

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Bill Title: Provides for a cap on the credit service charge computed and collected on a retail instalment contract.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Engrossed) 2024-02-06 - referred to consumer affairs and protection [S00363 Detail]

Download: New_York-2023-S00363-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                           363

                               2023-2024 Regular Sessions

                    IN SENATE

                                       (Prefiled)

                                     January 4, 2023
                                       ___________

        Introduced  by  Sens.  THOMAS,  COMRIE,  RAMOS -- read twice and ordered
          printed, and when printed to be committed to the Committee on Consumer
          Protection

        AN ACT to amend the personal property law, in relation to providing  for
          a  cap on the credit service charge computed and collected on a retail
          instalment contract

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1. Subdivision 1 of section 404 of the personal property law,
     2  as amended by chapter 883 of the laws of 1980, is  amended  to  read  as
     3  follows:
     4    1.  A  seller  may,  in  a  retail  instalment contract or obligation,
     5  contract for and, if so contracted for, the holder thereof  may  charge,
     6  receive  and  collect  a credit service charge computed on the principal
     7  balance of the contract or obligation  from  the  date  thereof  to  and
     8  including  the date when the final instalment is payable, at the rate or
     9  rates agreed to by the buyer, but such credit service charge  shall  not
    10  exceed  the  interest rate established pursuant to section fourteen-a of
    11  the banking law.
    12    § 2. This act shall take effect immediately.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01639-01-3