Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 19, 2022 |
referred to consumer affairs and protection |
Assembly Bill A8897
2021-2022 Legislative Session
Sponsored By
JOYNER
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
2021-A8897 (ACTIVE) - Details
2021-A8897 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ S. 7919 A. 8897 S E N A T E - A S S E M B L Y January 19, 2022 ___________ IN SENATE -- Introduced by Sen. THOMAS -- read twice and ordered print- ed, and when printed to be committed to the Committee on Consumer Protection IN ASSEMBLY -- Introduced by M. of A. JOYNER -- read once and referred to the Committee on Consumer Affairs and Protection AN ACT to amend the personal property law, in relation to providing for a cap on the credit service charge computed and collected on a retail instalment contract THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 404 of the personal property law, as amended by chapter 883 of the laws of 1980, is amended to read as follows: 1. A seller may, in a retail instalment contract or obligation, contract for and, if so contracted for, the holder thereof may charge, receive and collect a credit service charge computed on the principal balance of the contract or obligation from the date thereof to and including the date when the final instalment is payable, at the rate or rates agreed to by the buyer, BUT SUCH CREDIT SERVICE CHARGE SHALL NOT EXCEED THE INTEREST RATE ESTABLISHED PURSUANT TO SECTION FOURTEEN-A OF THE BANKING LAW. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13025-01-1
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