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Assembly Bill A2691

2009-2010 Legislative Session

Prohibits credit card issuers from increasing interest rate or imposing fee upon account of holders based on indebtedness or late payment to other creditor

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Archive: Last Bill Status - In Assembly Committee

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2009-A2691 (ACTIVE) - Details

See Senate Version of this Bill:
S47
Current Committee:
Assembly Consumer Affairs And Protection
Law Section:
General Business Law
Laws Affected:
Add §515-a, Gen Bus L
Versions Introduced in 2011-2012 Legislative Session:
A4633

2009-A2691 (ACTIVE) - Summary

Prohibits the issuer of a credit card from increasing the rate of interest or imposing a fee on the account of a holder who has made timely payments and in the minimum amounts required, based on such holder's indebtedness or failure to make timely payments to another creditor; provides that violation of such prohibition shall constitute a misdemeanor.

2009-A2691 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2691

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            January 21, 2009
                               ___________

Introduced  by  M.  of  A.  P. RIVERA, PHEFFER, DESTITO, ALFANO, JACOBS,
  GREENE,  ESPAILLAT,  BOYLAND,  CAMARA,  P. LOPEZ,  JAFFEE,  GABRYSZAK,
  TITUS,  ROSENTHAL  --  Multi-Sponsored  by  -- M. of A. ARROYO, BARRA,
  BENEDETTO,  BRENNAN,  BROOK-KRASNY,  CLARK,  COLTON,   DIAZ,   HIKIND,
  V. LOPEZ,  MARKEY,  McDONOUGH,  McENENY,  MILLMAN,  O'DONNELL,  ORTIZ,
  PEOPLES, J. RIVERA, N. RIVERA, ROBINSON, TOWNS, WEISENBERG, WRIGHT  --
  read  once  and  referred  to  the  Committee  on Consumer Affairs and
  Protection

AN ACT to amend the general business law,  in  relation  to  prohibiting
  issuers  of  credit cards from increasing the rate of interest imposed
  upon outstanding balance based upon a holder's  indebtedness  or  late
  payments to other creditors

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The general business law is amended by adding a new section
515-a to read as follows:
  S 515-A. INCREASING RATE OF INTEREST OR IMPOSITION OF FEES FOR INDEBT-
EDNESS TO OTHER CREDITORS. 1. NO  ISSUER  SHALL  INCREASE  THE  RATE  OF
INTEREST  UPON  THE  ACCOUNT  OF  THE  HOLDER  OR  IMPOSE A FEE UPON THE
OUTSTANDING BALANCE OWED BY A HOLDER WHEN THE INCREASED RATE OF INTEREST
OR THE IMPOSITION OF A FEE IS SOLELY THE RESULT OF THE HOLDER'S  INDEBT-
EDNESS OR FAILURE TO MAKE TIMELY PAYMENTS TO ANY OTHER CREDITOR OR CRED-
ITORS.
  2.  A  VIOLATION OF SUBDIVISION ONE OF THIS SECTION SHALL CONSTITUTE A
MISDEMEANOR.
  S 2. This act shall take effect on the first day of the calendar month
which commences next succeeding the date on which it shall have become a
law.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00949-01-9

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