New York A 7020: Relates to fixing a maximum interest rate for credit cards issued or used in this state

Bill Text

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A07020 Summary:

BILL NOA07020 

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SAME ASNo Same As

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SPONSORSmith

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COSPNSRDurso, Tague, Mikulin, Slater, Bendett, DeStefano, Angelino, Reilly, Manktelow, Tannousis,
 Lemondes, Brook-Krasny, Gallahan, Pirozzolo, Bailey, Simpson

&nbsp

MLTSPNSR

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Amd §14-a, Bank L; add §515-a, Gen Bus L

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Fixes the maximum interest rate for credit cards issued or used in this state at 10%.

Go to top A07020 Actions:

BILL NOA07020 

&nbsp

03/18/2025referred to banks

06/04/2025held for consideration in banks

01/07/2026referred to banks

Go to topA07020 Committee&nbspVotes:

Committee:BANKS Chair:Vanel 
DATE:06/04/2025AYE/NAY:20/10 Action: Held for Consideration VanelAyeBolognaNay

WeprinAyeMikulinNay

TaylorExcusedSmullenNay

SternAyeFitzpatrickNay

SayeghAyeLemondesNay

BurkeNayDiPietroNay

AndersonAyeChangNay

MitaynesAyeChludzinskiNay

SeptimoAyeMolitorNay

TapiaAye

De Los SantosAye

CunninghamAye

LeeAye

RagaAye

BurdickAye

DaisAye

JacksonAye

TorresAye

HooksAye

WiederAye

WrightAye

YegerAye

Go to topA07020 Floor&nbspVotes:

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

Go to topA07020 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7020

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 18, 2025
 ___________

 Introduced by M. of A. SMITH, DURSO, TAGUE, MIKULIN -- read once and
 referred to the Committee on Banks

 AN ACT to amend the banking law and the general business law, in
 relation to capping the interest rate on credit cards for personal
 use; and providing for the repeal of such provisions upon the expira-
 tion thereof

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

 1 Section 1. Subdivision 1 of section 14-a of the banking law, as added
 2 by chapter 883 of the laws of 1980, is amended to read as follows:
 3 1. The maximum rate of interest provided for in section 5-501 of the
 4 general obligations law shall be sixteen per centum per annum; provided,
 5 however, that a credit card for personal, family, or household purposes
 6 issued by a New York state banking institution to an individual residing
 7 in this state shall have a maximum rate of interest of ten per centum
 8 per annum, and any rate in excess of such maximum rate on any card
 9 issued either before or after the effective date of the chapter of the
 10 laws of two thousand twenty-five that amended this subdivision shall be
 11 void as against public policy. Whenever the attorney general has reason
 12 to believe that there has been a violation of this provision, the attor-
 13 ney general may apply to the supreme court in any county wherein any
 14 such violation occurred for the purpose of restraining and enjoining the
 15 continuance of such violation.
 16 § 2. The general business law is amended by adding a new section 515-a
 17 to read as follows:
 18 § 515-a. Use of certain credit cards prohibited. No person shall use a
 19 credit card for personal, family, or household purchases if the interest
 20 rate for such card exceeds the maximum rate for credit cards issued for
 21 personal use as set forth in subdivision one of section fourteen-a of
 22 the banking law.
 23 § 3. This act shall take effect immediately and shall expire and be
 24 deemed repealed 5 years after such date.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10804-01-5

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