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
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.
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.
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.
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
4 Multi-sponsors
History
- Referred to consumer affairs and protection
- 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.