Assembly Bill A1572

2015-2016 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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2015-A1572 (ACTIVE) - Details

See Senate Version of this Bill:
S2377
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
2011-2012: A1009
2013-2014: A1369, S5419
2017-2018: A156, S2293
2019-2020: A397, S4266
2021-2022: A600, S4428
2023-2024: A4590, S5222

2015-A1572 (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.

2015-A1572 (ACTIVE) - Bill Text download pdf 

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

                                  1572

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 12, 2015
                               ___________

Introduced  by  M. of A. CAHILL -- Multi-Sponsored by -- M. of A. CLARK,
  CURRAN, ENGLEBRIGHT, HOOPER, MAGEE -- 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.
                                                           LBD06226-01-5

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