senate Bill S633

2013-2014 Legislative Session

Relates to creating a forty-eight hour grace period from due date of credit card bill

download bill text pdf

Sponsored By

Archive: Last Bill Status - Stricken


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 14, 2013 recommit, enacting clause stricken
Jan 09, 2013 referred to consumer protection

S633 - Details

Law Section:
General Business Law
Laws Affected:
Add ยง515-a, Gen Bus L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S1215
2009-2010: S3769

S633 - Summary

Relates to creating a forty-eight hour grace period from due date of credit card bill.

S633 - Sponsor Memo

S633 - Bill Text download pdf

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

                                   633

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by Sen. STAVISKY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Consumer Protection

AN ACT to amend the general business law,  in  relation  to  creating  a
  forty-eight hour grace period from the due date of a credit card bill

  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. GRACE PERIOD FOR FEES AND CHARGES. 1. ISSUERS OF CREDIT CARDS
SHALL NOT IMPOSE OR MODIFY ANY CHARGES RELATED TO THE ANNUAL  PERCENTAGE
RATE, FEES FOR ISSUANCE OF AVAILABILITY, MINIMUM FINANCE CHARGES, TRANS-
ACTION CHARGES, CASH ADVANCE FEES, RENEWAL FEES, OVER-THE-LIMIT FEES, OR
ANY  OTHER  FEE  OR RATE RELATED TO USE OF A CREDIT CARD FOR A PERIOD OF
FORTY-EIGHT HOURS FROM THE DUE DATE OF A CREDIT CARD BILL FOR ALL NEW OR
RENEWED CREDIT CARD ACCOUNTS CREATED ON OR AFTER THE EFFECTIVE  DATE  OF
THIS SECTION.
  2. (A) EVERY VIOLATION OF THIS SECTION SHALL BE DEEMED A DECEPTIVE ACT
AND  PRACTICE  SUBJECT TO ENFORCEMENT UNDER ARTICLE TWENTY-TWO-A OF THIS
CHAPTER. IN EVERY CASE WHERE THE COURT SHALL DETERMINE THAT A  VIOLATION
OF  THIS SECTION HAS OCCURRED, IT MAY IMPOSE A CIVIL PENALTY OF NOT MORE
THAN ONE THOUSAND DOLLARS FOR SUCH VIOLATION, AND  MAY  IMPOSE  A  CIVIL
PENALTY  OF  NOT  MORE  THAN  TWO  THOUSAND  DOLLARS FOR EACH SUBSEQUENT
VIOLATION.
  (B) NOTHING IN THIS SECTION SHALL BE CONSTRUED TO RESTRICT  ANY  RIGHT
WHICH ANY PERSON MAY HAVE UNDER ANY OTHER STATUTE OR THE COMMON LAW.
  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.
                                                           LBD03567-01-3

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