| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 19, 2022 |
referred to consumer protection |
Senate Bill S7919
2021-2022 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Consumer Protection Committee
Actions
co-Sponsors
(D) 14th Senate District
(D, WF) 13th Senate District
2021-S7919 (ACTIVE) - Details
2021-S7919 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7919
SPONSOR: THOMAS
TITLE OF BILL:
An act to amend the personal property law, in relation to providing for
a cap on the credit service charge computed and collected on a retail
instalment contract
PURPOSE:
To cap the interest on retail instalment contracts at the state civil
usury rate
SUMMARY OF PROVISIONS:
Section 1 of the bill amends section 404 of the personal property law to
prohibit interest on retail instalment contracts from going above the
rate set for civil usury in fourteen-a of the banking law.
Section 2 of the bill states the effective date.
2021-S7919 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
S. 7919 A. 8897
S E N A T E - A S S E M B L Y
January 19, 2022
___________
IN SENATE -- Introduced by Sen. THOMAS -- read twice and ordered print-
ed, and when printed to be committed to the Committee on Consumer
Protection
IN ASSEMBLY -- Introduced by M. of A. JOYNER -- read once and referred
to the Committee on Consumer Affairs and Protection
AN ACT to amend the personal property law, in relation to providing for
a cap on the credit service charge computed and collected on a retail
instalment contract
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 1 of section 404 of the personal property law,
as amended by chapter 883 of the laws of 1980, is amended to read as
follows:
1. A seller may, in a retail instalment contract or obligation,
contract for and, if so contracted for, the holder thereof may charge,
receive and collect a credit service charge computed on the principal
balance of the contract or obligation from the date thereof to and
including the date when the final instalment is payable, at the rate or
rates agreed to by the buyer, BUT SUCH CREDIT SERVICE CHARGE SHALL NOT
EXCEED THE INTEREST RATE ESTABLISHED PURSUANT TO SECTION FOURTEEN-A OF
THE BANKING LAW.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13025-01-1
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