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Assembly Bill A7075

2025-2026 Legislative Session

Provides that any charges assessed by a credit card company for late payment shall not exceed five percent of the unpaid balance of any bill or twenty dollars

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Current Bill Status - In Assembly Committee

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2025-A7075 (ACTIVE) - Details

See Senate Version of this Bill:
S4022
Current Committee:
Assembly Consumer Affairs And Protection
Law Section:
General Business Law
Laws Affected:
Add §518-b, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2009-2010: A487
2011-2012: A1009
2013-2014: A1369, S5419
2015-2016: A1572, S2377
2017-2018: A156, S2293
2019-2020: A397, S4266
2021-2022: A600, S4428
2023-2024: A4590, S5222

2025-A7075 (ACTIVE) - Summary

Provides that any charges assessed by a credit card company for late payment shall not exceed five percent of the unpaid balance of any bill, including any interest thereon, or twenty dollars, whichever amount is less.

2025-A7075 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7075
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 20, 2025
                                ___________
 
 Introduced  by  M.  of A. BICHOTTE HERMELYN, GIBBS, KIM -- read once and
   referred to the Committee on Consumer Affairs and Protection
 
 AN ACT to amend the general business law, in  relation  to  credit  card
   late charges
 
   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
 518-b to read as follows:
   § 518-B. CREDIT CARD LATE CHARGES. ANY CHARGES ASSESSED  BY  A  CREDIT
 CARD  COMPANY  FOR  LATE  PAYMENT  SHALL  NOT EXCEED FIVE PERCENT OF THE
 UNPAID BALANCE OF ANY BILL, INCLUDING ANY INTEREST  THEREON,  OR  TWENTY
 DOLLARS, WHICHEVER AMOUNT IS LESS.
   §  2.  This  act shall take effect on the ninetieth day after it shall
 have become a law.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07592-01-5

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