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Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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|---|---|
| Jan 06, 2010 |
referred to banks |
| Jan 07, 2009 |
referred to banks |
Assembly Bill A487
2009-2010 Legislative Session
Sponsored By
CAHILL
Archive: Last 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
Actions
2009-A487 (ACTIVE) - Details
2009-A487 (ACTIVE) - Sponsor Memo
BILL NUMBER:A487
TITLE OF BILL: An act to amend the general business law, in relation to
credit card late charges
PURPOSE OR GENERAL IDEA OF BILL: This legislation provides that any
charges assessed by a credit card company for late payment will not
exceed 5% of the unpaid balance of any bill or twenty dollars, whichever
is less.
SUMMARY OF SPECIFIC PROVISIONS: This bill adds a new section 518-b to
the general business law to carry out the above provision.
EFFECTS OF PRESENT LAW WHICH THIS BILL WOULD ALTER: Existing business
law does not provide limits on credit card late charges.
JUSTIFICATION: This legislation is introduced in response to an
increasing reliance the bank industry has placed on the use of charges
of this nature to supplement revenue. In some cases, late fees can
amount to as much as a 350% increase in an overall balance. This prac-
tice is predatory in the sense that it further restricts payment options
for certain individuals, setting into motion a cycle of continuous debt
to the benefit of the industry and the detriment of the customer.
PRIOR LEGISLATIVE HISTORY:
2009-A487 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
487
2009-2010 Regular Sessions
I N A S S E M B L Y
(PREFILED)
January 7, 2009
___________
Introduced by M. of A. CAHILL, CLARK, ESPAILLAT, ALFANO, BARRA --
Multi-Sponsored by -- M. of A. DESTITO, DIAZ, ENGLEBRIGHT, HOOPER,
MAGEE, McENENY -- read once and referred to the Committee on Banks
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:
S 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.
S 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.
LBD00583-01-9
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