Bill > A07075

This bill amends the New York General Business Law by adding a new section that limits the late payment charges that credit card companies can impose on consumers. Specifically, the bill restricts late payment fees to either five percent of the unpaid bill balance (including any interest) or twenty dollars, whichever amount is smaller. This provision aims to protect consumers from excessive late payment penalties by placing a clear cap on the fees credit card companies can charge. The new regulation would go into effect 90 days after becoming law, giving credit card companies time to adjust their fee structures. By setting a straightforward maximum fee, the bill seeks to provide financial relief to consumers who may occasionally miss credit card payment deadlines, preventing them from being subjected to potentially burdensome and disproportionate late payment charges.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A7075