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.
STATE OF NEW YORK
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1009
2011-2012 Regular Sessions
IN ASSEMBLY(Prefiled)
January 5, 2011
___________
Introduced by M. of A. CAHILL, CLARK -- Multi-Sponsored by -- M. of A.
DESTITO, ENGLEBRIGHT, HOOPER, MAGEE, McENENY -- read once and referred
to the Committee on Banks
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.
LBD04962-01-1
