Bill > S08292

This bill extends the effectiveness of a 1996 law governing permissible fees for open-end loans from June 30, 2025, to June 30, 2027. Open-end loans, which are typically credit lines or credit cards where borrowers can repeatedly borrow and repay funds up to a certain limit, currently have specific regulations about the fees that can be charged. The existing law, originally passed in 1996 and most recently amended in 2023, allows certain fee structures for these types of loans. By extending the law's sunset date to 2027, the bill ensures that the current regulatory framework for these fees remains in place for an additional two years. After June 30, 2027, if no further action is taken, the law would revert to its original text from before the 1996 amendment. The bill takes effect immediately upon passage, which is typical for legislative changes of this nature.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S8292