Bill
Bill > S05222
NY S05222
NY S05222Provides 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
02/27/2023
02/27/2023
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 limit the late payment fees that credit card companies can charge. Specifically, it provides that any late fees assessed by a credit card company cannot exceed 5% of the unpaid balance, including any interest, or $20, whichever amount is less. This aims to protect consumers from excessive late payment penalties when using credit cards.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
REFERRED TO CONSUMER 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/S5222 | 02/27/2023 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S05222&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S05222 | 02/27/2023 |
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