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Assembly Bill A419

2023-2024 Legislative Session

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

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Archive: Last Bill Status - Stricken

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2023-A419 (ACTIVE) - Details

See Senate Version of this Bill:
S363
Law Section:
Personal Property Law
Laws Affected:
Amd §404, Pers Prop L
Versions Introduced in Other Legislative Sessions:
2021-2022: A8897, S7919
2025-2026: A5741, S5600

2023-A419 (ACTIVE) - Summary

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

2023-A419 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    419
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 9, 2023
                                ___________
 
 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.
                                                            LBD01639-01-3

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