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Assembly Bill A7158

2011-2012 Legislative Session

Provides that in contracts for the sale of goods or rendition of services offering interest free financing, no interest may be charged until the deadline is passed

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Archive: Last Bill Status - In Assembly Committee

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2011-A7158 (ACTIVE) - Details

Current Committee:
Assembly Consumer Affairs And Protection
Law Section:
General Business Law
Laws Affected:
Add ยง349-e, Gen Bus L
Versions Introduced in 2009-2010 Legislative Session:
A6313

2011-A7158 (ACTIVE) - Summary

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).

2011-A7158 (ACTIVE) - Bill Text download pdf 

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

                                  7158

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                             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:

  Section 1. The general business law is amended by adding a new section
349-e to read as follows:
  S  349-E. DECEPTIVE ACTS AND PRACTICES IN CONNECTION WITH THE CHARGING
OF INTEREST ON PAYMENTS FOR GOODS OR SERVICES. IN ANY  CONTRACT  PROVID-
ING:  (A)  THAT  THE  PRICE  OF ANY GOODS AND/OR SERVICES MAY BE PAID IN
INSTALLMENTS OR IN WHOLE AT SOME FUTURE DATE AND (B) THAT  NO  INTEREST,
FINANCE  CHARGE,  OR  OTHER  SUCH CHARGE SHALL BE REQUIRED IF PAYMENT IS
MADE BY A SPECIFIED FUTURE DATE, NO INTEREST, FINANCE CHARGE,  OR  OTHER
SUCH  CHARGE  SHALL BE CHARGED, LEVIED, DEMANDED, OR COLLECTED, AND NONE
SHALL ACCRUE IF PAYMENT IS MADE IN FULL  BY  THE  SPECIFIED  DATE.    IF
PAYMENT IS NOT MADE BY SUCH DATE, ONLY THEN AND ONLY AFTER THE GIVING OF
WRITTEN NOTICE TO THE OBLIGOR MAY ANY INTEREST, FINANCE CHARGE, OR OTHER
SUCH CHARGE BE CHARGED, LEVIED, DEMANDED, OR COLLECTED.
  S  2.  This  act shall take effect on the ninetieth day after it shall
have become a law.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08174-01-1

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