Bill
Bill > A00600
NY A00600
NY A00600Provides that any charges assessed by a credit card company for late payment shall not exceed five percent of the unpaid balance of any bill, including any interest thereon, or twenty dollars, whichever amount is less.
summary
Introduced
01/06/2021
01/06/2021
In Committee
01/05/2022
01/05/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
Provides that any charges assessed by a credit card company for late payment shall not exceed five percent of the unpaid balance of any bill, including any interest thereon, or twenty dollars, whichever amount is less.
AI Summary
This bill limits the late payment fees that credit card companies can charge. Specifically, it states that any late payment fees assessed by a credit card company cannot exceed the lesser of 5% of the unpaid balance of the bill, including any interest, or $20. The bill amends the New York General Business Law by adding a new section 518-b to implement this late payment fee cap.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
referred to banks (on 01/05/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/A600 | 12/31/2020 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A00600&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A00600 | 12/31/2020 |
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