Bill
Bill > A10022
NY A10022
NY A10022Provides for a cap on the credit service charge computed and collected on a retail instalment contract.
summary
Introduced
05/01/2024
05/01/2024
In Committee
05/01/2024
05/01/2024
Crossed Over
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 cap the credit service charge computed and collected on a retail instalment contract at the interest rate established pursuant to Section 14-a of the Banking Law. The existing law allowed the buyer and seller to agree on the credit service charge rate, but this bill places a cap on that rate to protect consumers. The bill takes effect immediately upon becoming law.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
referred to consumer affairs and protection (on 05/01/2024)
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/A10022 | 05/01/2024 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A10022&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A10022 | 05/01/2024 |
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