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Assembly Bill A1616

2009-2010 Legislative Session

Requires disclosure of the allowance of the modification of the annual percentage rate by an issuer of credit card at time of acceptance of such card

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Archive: Last Bill Status - In Assembly Committee

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2009-A1616 (ACTIVE) - Details

Current Committee:
Assembly Consumer Affairs And Protection
Law Section:
General Business Law
Laws Affected:
Add ยง515-a, Gen Bus L

2009-A1616 (ACTIVE) - Summary

Requires disclosure of the allowance of the modification of the annual percentage rate by an issuer of credit card at time of acceptance of such card.

2009-A1616 (ACTIVE) - Bill Text download pdf 

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

                                  1616

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
  Committee on Consumer Affairs and Protection

AN ACT to amend the general business law, in relation to the  disclosure
  of modifications to credit card annual percentage rates

  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. DISCLOSURE OF MODIFICATIONS TO ANNUAL PERCENTAGE RATES.    IF
AN  ISSUER  MODIFIES  THE  ANNUAL PERCENTAGE RATE OR INTRODUCTORY ANNUAL
PERCENTAGE RATE OF A CREDIT CARD,  THE  ISSUER  MUST  HAVE  CLEARLY  AND
CONSPICUOUSLY DISCLOSED, IN WRITING, AT THE TIME THE HOLDER ACCEPTED THE
CREDIT CARD, THAT SUCH RATE MAY BE MODIFIED AT ANY TIME AND MAY BE MODI-
FIED FOR REASONS OTHER THAN THE ACTIONS OR OMISSIONS OF THE HOLDER.  THE
ANNUAL PERCENTAGE RATE FOR SUCH CARD SHALL NOT EXCEED THE MAXIMUM INTER-
EST RATE ALLOWED IN THIS STATE. FOR THE PURPOSES OF THIS SECTION, "ANNU-
AL PERCENTAGE RATE" MEANS EACH PERIODIC RATE THAT MAY BE USED TO COMPUTE
THE FINANCE CHARGE ON AN OUTSTANDING BALANCE FOR PURCHASES, EXPRESSED AS
AN ANNUAL PERCENTAGE RATE.
  S  2. This act shall take effect on the first of January next succeed-
ing 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.
                                                           LBD02373-01-9

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