Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to consumer affairs and protection |
Jan 07, 2009 |
referred to consumer affairs and protection |
Assembly Bill A1616
2009-2010 Legislative Session
Sponsored By
ZEBROWSKI
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2009-A1616 (ACTIVE) - Details
- Current Committee:
- Assembly Consumer Affairs And Protection
- Law Section:
- General Business Law
- Laws Affected:
- Add §515-a, Gen Bus L
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
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.