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A01870 Summary:

BILL NO    A01870A

SAME AS    SAME AS S01059-A

SPONSOR    Lentol

COSPNSR    Colton

MLTSPNSR   Heastie

Amd S413, Pers Prop L

Prohibits any issuer of a credit card, debit card or secured credit card from
imposing a finance charge or fee upon a card holder who elects not to carry a
credit balance or a minimum credit balance forward from one billing cycle to
the succeeding next billing cycle; provides that no annual fee shall be
charged, received or collected by the seller or a holder of a retail instalment
credit agreement from a buyer based upon the fact that the buyer has elected to
pay off all outstanding indebtedness during any grace period provided for in
the retail installment credit agreement.