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History
- Referred to consumer protection
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S1906
Title of bill
An act to amend the general business law, in relation to requiring due dates on periodic statements
Summary
This bill would amend the General Business Law by adding a new section 520-d to provide that every statement (showing money is owed to the issuer of the credit card upon which finance charges will accrue) shall contain a due date by which the bill must be paid, and the payment required to avoid new or additional finance charges.
Justification
Many credit card statements do not contain specific due dates, which can lead individuals to accidentally fail to pay their bill on time and incur additional interest fees or penalties. Statements also may not reflect the amount that could be paid in order to avoid incurring any new or additional finance charges. Requiring statements to contain the due dates, would make consumers more aware of deadlines and hence, assist in facilitating the timely payment of their credit card bills.
Fiscal implication
None.
Effective date
This act shall take effect on the first of November next succeeding the date on which it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.