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Assembly Bill A8946

2011-2012 Legislative Session

Provides that any charges assessed by a credit card company for late payment shall not exceed 1.5 percent of the unpaid balance of any bill or fifteen dollars

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Archive: Last Bill Status - In Assembly Committee

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2011-A8946 (ACTIVE) - Details

Current Committee:
Assembly Consumer Affairs And Protection
Law Section:
General Business Law
Laws Affected:
Add ยง518-b, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2009-2010: A1200
2013-2014: A805
2015-2016: A3366
2017-2018: A5454
2019-2020: A3885
2021-2022: A8922
2023-2024: A1496

2011-A8946 (ACTIVE) - Summary

Provides that any charges assessed by a credit card company for late payment shall not exceed one and one-half percent of the unpaid balance of any bill or fifteen dollars.

2011-A8946 (ACTIVE) - Bill Text download pdf 

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

                                  8946

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 4, 2012
                               ___________

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

AN  ACT  to  amend  the general business law, in relation to credit card
  late charges

  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
518-b to read as follows:
  S  518-B.  CREDIT  CARD LATE CHARGES. ANY CHARGES ASSESSED BY A CREDIT
CARD COMPANY FOR LATE PAYMENT SHALL NOT EXCEED ONE AND ONE-HALF  PERCENT
OF  THE  UNPAID  BALANCE OF ANY BILL, INCLUDING ANY INTEREST THEREON, OR
FIFTEEN DOLLARS, WHICHEVER AMOUNT IS LESS.
  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.
                                                           LBD01448-01-1

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