Senate Bill S2377

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

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Archive: Last Bill Status - In Senate Committee Consumer Protection 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-S2377 (ACTIVE) - Details

See Assembly Version of this Bill:
A1572
Current Committee:
Senate Consumer Protection
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: S5419, A1369
2017-2018: S2293, A156
2019-2020: S4266, A397
2021-2022: S4428, A600
2023-2024: S5222, A4590

2015-S2377 (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-S2377 (ACTIVE) - Sponsor Memo

2015-S2377 (ACTIVE) - Bill Text download pdf 

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

                                  2377

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 22, 2015
                               ___________

Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Consumer 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:
  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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