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A424Assembly2017-2018 Session

15-Day Credit Card Grace

Official title

“Provides for a minimum 15 day grace period before a late fee may be charged to a credit card holder unless there is local, on-line or telephone access available”

Sponsor N. Nick PerryAD-58Affects Public Safety & Consumer Affairs
Status
In Assembly Committee
Consumer Affairs And Protection
Impact
6/10
Moderate
Passage
0%

Bill progress

Step 2 of 7

In committee · Consumer Affairs And Protection

What's happening

This bill requires credit card companies in New York to provide a 15-day grace period before charging late fees.

Why it matters

  1. Gives consumers extra time to pay. By mandating a 15-day grace period before late fees, the bill helps individuals avoid immediate penalties if they miss a payment deadline, which can reduce financial stress and unexpected costs.

  2. Potentially lowers overall debt burden. Late fees can quickly add up and compound existing credit card debt. This grace period may help prevent small payment delays from ballooning into larger financial problems.

  3. Shifts industry practices in favor of consumers. The requirement could encourage credit card issuers to adopt more consumer-friendly billing practices, possibly setting a precedent for similar legislation in other states.

  4. May improve credit outcomes for New Yorkers. Extra time to pay without penalty could lead to fewer missed payments being reported to credit bureaus, helping consumers maintain better credit scores.

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Who cares

Headline styles

15-Day Credit Card Grace

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
N. Nick Perry

Assembly Member · Assembly District 58

History

  1. Referred to consumer affairs and protection
  2. Referred to consumer affairs and protection

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

424

2017-2018 Regular Sessions

IN ASSEMBLY

January 9, 2017

Introduced by M. of A. PERRY -- Multi-Sponsored by -- M. of A. CAHILL, COLTON, COOK, HOOPER -- read once and referred to the Committee on Consumer Affairs and Protection

AN ACT to amend the general business law, in relation to providing a grace period for the imposition of late fees for credit card bills

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. The general business law is amended by adding a new section 518-b to read as follows:

§ 518-b. Credit card account late fees; fifteen day grace period. No issuer of a credit card doing business in this state shall charge a late fee to the credit card account of any person who fails to timely make a payment on such credit card account, until at least fifteen days following the date that such payment was due.

§ 2. This act shall take effect on the thirtieth day after it shall have become a law.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD06335-01-7

Reflowed for reading: line numbers and page breaks removed. Cite the official text.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.