Bill Text: NY S07919 | 2021-2022 | 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 3-0)

Status: (Introduced - Dead) 2022-01-19 - REFERRED TO CONSUMER PROTECTION [S07919 Detail]

Download: New_York-2021-S07919-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

            S. 7919                                                  A. 8897

                SENATE - ASSEMBLY

                                    January 19, 2022
                                       ___________

        IN  SENATE -- Introduced by Sen. THOMAS -- read twice and ordered print-
          ed, and when printed to be committed  to  the  Committee  on  Consumer
          Protection

        IN  ASSEMBLY  -- Introduced by M. of A. JOYNER -- read once and referred
          to the Committee on Consumer Affairs and 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.
                                                                   LBD13025-01-1