Bill Text: NY S03397 | 2011-2012 | General Assembly | Introduced

New York Senate Bill 3397 (Prior Session Legislation)

Introduced

Bill Title: Prohibits late charges on credit cards where the holder of the credit card makes a payment within ten days of the payment due date.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2012-01-04 - REFERRED TO CONSUMER PROTECTION [S03397 Detail]

Download: New_York-2011-S03397-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3397
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   February 18, 2011
                                      ___________
       Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
         printed to be committed to the Committee on Consumer Protection
       AN ACT to amend the general business law,  in  relation  to  prohibiting
         late charges on credit cards in certain cases
         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  520-d to read as follows:
    3    S 520-D. PROHIBITION OF LATE CHARGES. ANY PERSON,  FIRM,  PARTNERSHIP,
    4  ASSOCIATION, LIMITED LIABILITY COMPANY OR CORPORATION WHICH ISSUES CRED-
    5  IT  CARDS  SHALL  NOT IMPOSE A LATE CHARGE ON SUCH CREDIT CARDS WHEN THE
    6  HOLDER OF SUCH CREDIT CARD MAKES  A  PAYMENT  WITHIN  TEN  DAYS  OF  THE
    7  PAYMENT DUE DATE.
    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.
                                                                  LBD09441-01-1