Bill
Bill > S00363
NY S00363
NY S00363Provides for a cap on the credit service charge computed and collected on a retail instalment contract.
summary
Introduced
01/04/2023
01/04/2023
In Committee
02/06/2024
02/06/2024
Crossed Over
02/06/2024
02/06/2024
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 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 provide for a cap on the credit service charge computed and collected on a retail installment contract. Specifically, it states that the credit service charge shall not exceed the interest rate established pursuant to Section 14-a of the Banking Law. The bill aims to limit the amount that can be charged as a credit service charge on these types of contracts.
Committee Categories
Business and Industry
Sponsors (4)
Last Action
referred to consumer affairs and protection (on 02/06/2024)
Bill Topics
Banking, Finance, and Domestic Commerce
- ‐ Consumer Finance and Credit, including Credit Cards
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/2023/S363 | 01/03/2023 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S00363&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S00363 | 01/03/2023 |
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