Bill
Bill > A08897
NY A08897
NY A08897Provides for a cap on the credit service charge computed and collected on a retail instalment contract.
summary
Introduced
01/19/2022
01/19/2022
In Committee
01/19/2022
01/19/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
AN ACT to amend the personal property law, in relation to providing for a cap on the credit service charge computed and collected on a retail instalment contract
AI Summary
This bill amends the Personal Property Law to cap the credit service charge on retail instalment contracts at the interest rate established under Section 14-a of the Banking Law. Specifically, the bill modifies the existing law to state that a seller may charge a credit service charge, but that such charge shall not exceed the established interest rate.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
referred to consumer affairs and protection (on 01/19/2022)
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/A8897 | 01/20/2022 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A08897&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A08897 | 01/20/2022 |
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