S3397-2011 Actions

• Jan 4, 2012: REFERRED TO CONSUMER PROTECTION
• Feb 18, 2011: REFERRED TO CONSUMER PROTECTION

S3397-2011 Memo

BILL NUMBER:S3397

TITLE OF BILL:
An act
to amend the general business law, in relation to prohibiting late
charges on credit cards in certain cases

PURPOSE:
To prohibit the imposition of late charges when a person pays their
bill within ten days of the due date.

SUMMARY OF PROVISIONS:
Adds a new section 520-d to the General Business Law to state that a
person shall not be charged a late fee when they pay their credit
card bill within 10 days of the due date on the statement.

JUSTIFICATION:
This bill will provide for a grace period to protect consumers from
credit card companies who impose punitive late fees without having
provided sufficient time for their customers to pay.

LEGISLATIVE HISTORY:
2009-2010: S.1917 - Died in Consumer Protection
2008-2007: S.5065 - Died in Consumer Protection
2008-2007: A.9832 - Died in Consumer Affairs
2006-2005: S.240  - Died in Consumer Protection
2003-2004: S.1317 - Died in Consumer Protection
2003-2004: A.7457 - Died in Consumer Affairs

FISCAL IMPLICATIONS:
None to the State.

EFFECTIVE DATE:
This act shall take effect thirty days after it shall have become law.

S3397-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         3397
 2011-2012 Regular Sessions
 I N  SENATE
 February 18, 2011
 
 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  prohibiting
 late charges on credit cards in certain cases
 

THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section 1. The general business law is amended by adding a new section
 520-d to read as follows:

 

S 520-D. PROHIBITION OF LATE CHARGES. ANY PERSON,  FIRM,  PARTNERSHIP,
 ASSOCIATION, LIMITED LIABILITY COMPANY OR CORPORATION WHICH ISSUES CRED
 IT  CARDS  SHALL  NOT IMPOSE A LATE CHARGE ON SUCH CREDIT CARDS WHEN THE
 HOLDER OF SUCH CREDIT CARD MAKES  A  PAYMENT  WITHIN  TEN  DAYS  OF  THE
 PAYMENT DUE DATE.
 

S  2.  This  act shall take effect on the thirtieth day after it shall
 have become a law.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09441-01-1

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