New York S 4022: Provides that any charges assessed by a credit card company for late payment shall not exceed five percent of the unpaid balance of any bill or twenty dollars

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S04022 Summary:

BILL NOS04022 

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SAME ASSAME AS A07075

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SPONSORPARKER

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COSPNSR

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MLTSPNSR

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Add §518-b, Gen Bus L

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Provides 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.

Go to top S04022 Actions:

BILL NOS04022 

&nbsp

01/31/2025REFERRED TO CONSUMER PROTECTION

01/07/2026REFERRED TO CONSUMER PROTECTION

Go to topS04022 Committee&nbspVotes:

Go to topS04022 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS04022 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4022

 2025-2026 Regular Sessions

 IN SENATE

 January 31, 2025
 ___________

 Introduced by Sen. PARKER -- read twice and ordered printed, and when
 printed to be committed to the Committee on Consumer Protection

 AN ACT to amend the general business law, in relation to credit card
 late charges

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The general business law is amended by adding a new section
 2 518-b to read as follows:
 3 § 518-b. Credit card late charges. Any charges assessed by a credit
 4 card company for late payment shall not exceed five percent of the
 5 unpaid balance of any bill, including any interest thereon, or twenty
 6 dollars, whichever amount is less.
 7 § 2. This act shall take effect on the ninetieth day after it shall
 8 have become a law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07592-01-5

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