Assembly Bill A1009

2011-2012 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

download bill text pdf

Sponsored By

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

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2011-A1009 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
General Business Law
Laws Affected:
Add ยง518-b, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2009-2010: A487
2013-2014: A1369
2015-2016: A1572
2017-2018: A156
2019-2020: A397
2021-2022: A600
2023-2024: A4590

2011-A1009 (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.

2011-A1009 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1009

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  M. of A. CAHILL, CLARK -- Multi-Sponsored by -- M. of A.
  DESTITO, 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.
                                                           LBD04962-01-1

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