Bill
Bill > S07919
NY S07919
NY S07919Provides 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 that can be computed and collected on a retail installment contract at the interest rate established pursuant to Section 14-a of the Banking Law. The existing law allowed the seller and buyer to agree on the credit service charge rate, but this bill imposes a new limit on that rate to protect consumers in retail installment transactions.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
REFERRED TO CONSUMER 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/S7919 | 01/20/2022 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S07919&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S07919 | 01/20/2022 |
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