Bill Text: NY S04266 | 2019-2020 | General Assembly | Introduced

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Bill Title: Provides that any charges assessed by a credit card company for late payment shall not exceed five percent of the unpaid balance of any bill, including any interest thereon, or twenty dollars, whichever amount is less.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO CONSUMER PROTECTION [S04266 Detail]

Download: New_York-2019-S04266-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          4266
                               2019-2020 Regular Sessions
                    IN SENATE
                                      March 5, 2019
                                       ___________
        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  credit  card
          late charges
          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    § 518-b. Credit card late charges. Any charges assessed  by  a  credit
     4  card  company  for  late  payment  shall  not exceed five percent of the
     5  unpaid balance of any bill, including any interest  thereon,  or  twenty
     6  dollars, whichever amount is less.
     7    §  2.  This  act shall take effect on the ninetieth day after it shall
     8  have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01992-01-9