Senate Bill S363

2023-2024 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

Current Bill Status - In Assembly 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

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2023-S363 (ACTIVE) - Details

Current Committee:
Assembly Consumer Affairs And Protection
Law Section:
Personal Property Law
Laws Affected:
Amd §404, Pers Prop L
Versions Introduced in 2021-2022 Legislative Session:
S7919

2023-S363 (ACTIVE) - Summary

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

2023-S363 (ACTIVE) - Sponsor Memo

2023-S363 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    363
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 4, 2023
                                ___________
 
 Introduced  by  Sens.  THOMAS,  COMRIE,  RAMOS -- read twice and ordered
   printed, and when printed to be committed to the Committee on Consumer
   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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