Bill > A08409

This bill extends the effectiveness of provisions related to permissible fees for open-end loans from June 30, 2025, to June 30, 2027. Open-end loans are typically lines of credit or credit card accounts where borrowers can repeatedly borrow and repay funds up to a certain limit. The bill specifically amends a previous law from 1996 that established rules about fees that can be charged in connection with these types of loans. By changing the expiration date from 2025 to 2027, the legislation ensures that the current fee regulations will remain in place for an additional two years. After June 30, 2027, unless further legislative action is taken, the law will revert to its original text as it existed before the amendments were made. The bill takes effect immediately upon passage, which is a standard provision that allows the change to be implemented right away.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A8409