Adds provisions dealing with deceptive acts and practices in connection with the charging of interest or payments for goods or services; provides that in contracts for the sale of goods or rendition of services offering interest free financing if payment is made in whole or in installments by a specified date, no finance charge or interest may be charged until after the date specified for completion of payment is passed and until written notice thereof is given to the obligor (consumer).
STATE OF NEW YORK
________________________________________________________________________
7158
2011-2012 Regular Sessions
IN ASSEMBLY
April 14, 2011
___________
Introduced by M. of A. J. MILLER -- Multi-Sponsored by -- M. of A.
SAYWARD -- read once and referred to the Committee on Consumer Affairs
and Protection
AN ACT to amend the general business law, in relation to deceptive acts
and practices in connection with interest charges on payments for the
sale of goods or rendition of services
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
2 349-e to read as follows:
3 § 349-e. Deceptive acts and practices in connection with the charging
4 of interest on payments for goods or services. In any contract provid-
5 ing: (a) that the price of any goods and/or services may be paid in
6 installments or in whole at some future date and (b) that no interest,
7 finance charge, or other such charge shall be required if payment is
8 made by a specified future date, no interest, finance charge, or other
9 such charge shall be charged, levied, demanded, or collected, and none
10 shall accrue if payment is made in full by the specified date. If
11 payment is not made by such date, only then and only after the giving of
12 written notice to the obligor may any interest, finance charge, or other
13 such charge be charged, levied, demanded, or collected.
14 § 2. This act shall take effect on the ninetieth day after it shall
15 have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08174-01-1
