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Who cares
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Sponsors
2 Co-sponsors
History
- Referred to consumer protection
- Referred to consumer protection
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Prohibits the imposition of late charges in certain instances
In Assembly Committee · Consumer Affairs And Protection · Sponsor Peter Abbate
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the general business law, in relation to prohibiting late charges on credit cards in certain cases
Purpose
This bill would prohibit the imposition of late charges when the total amount due on a credit card for one month is less than the proposed late charge.
Summary of provisions
Adds a new section 520-d to the General Business Law to prohibit the imposition of late charges when the total amount due on a credit card for one month is less than the proposed late charge.
Justification
This law is needed to prevent the unfair practice of charging late fees to credit card users whose balance is so low, that the imposition of a late fee would more than double the amount owed.
Legislative history
2008-07 S.2442 - Passed Senate 2006-05 S.581 - Passed Senate 2004 S.1318 - Passed Senate 2003 S.1318 - Referred to Third Reading
Fiscal implications
None to the State.
Effective date
This act shall take effect thirty days after it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.