Bill
Bill > A04590
NY A04590
NY A04590Provides 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
02/17/2023
02/17/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the general business law, in relation to credit card late charges
AI Summary
This bill amends the general business law to cap credit card late payment fees at either 5% of the unpaid balance, including any interest, or $20, whichever is less. The new section 518-b would limit the amount credit card companies can charge for late payments, providing consumers with protection against excessive fees.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
referred to consumer affairs and protection (on 01/03/2024)
Taxonomy
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/A4590 | 02/17/2023 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A04590&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A04590 | 02/17/2023 |
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