STATE OF NEW YORK
________________________________________________________________________
419
2023-2024 Regular Sessions
IN ASSEMBLY
January 9, 2023
___________
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.
LBD01639-01-3
