Senate Bill S7919

2021-2022 Legislative Session

Provides for a cap on the credit service charge computed and collected on a retail instalment contract

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Consumer Protection 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

2021-S7919 (ACTIVE) - Details

See Assembly Version of this Bill:
A8897
Current Committee:
Senate Consumer Protection
Law Section:
Personal Property Law
Laws Affected:
Amd §404, Pers Prop L
Versions Introduced in 2023-2024 Legislative Session:
S363, A419

2021-S7919 (ACTIVE) - Summary

Provides for a cap on the credit service charge computed and collected on a retail instalment contract.

2021-S7919 (ACTIVE) - Sponsor Memo

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



              

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.