Senate Bill S47

2009-2010 Legislative Session

Prohibits credit card issuers from increasing interest rate or imposing fee upon account of holders based on indebtedness or late payment to other creditor

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Consumer Protection Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-S47 (ACTIVE) - Details

See Assembly Version of this Bill:
A2691
Current Committee:
Senate Consumer Protection
Law Section:
General Business Law
Laws Affected:
Add §515-a, Gen Bus L
Versions Introduced in 2011-2012 Legislative Session:
A4633

2009-S47 (ACTIVE) - Summary

Prohibits the issuer of a credit card from increasing the rate of interest or imposing a fee on the account of a holder who has made timely payments and in the minimum amounts required, based on such holder's indebtedness or failure to make timely payments to another creditor; violation of such prohibition shall constitute a misdemeanor.

2009-S47 (ACTIVE) - Sponsor Memo

2009-S47 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   47

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced by Sen. FUSCHILLO -- 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
  issuers of credit cards from increasing the rate of  interest  imposed
  upon  outstanding  balance  based upon a holder's indebtedness or late
  payments to other creditors

  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
515-a to read as follows:
  S 515-A. INCREASING RATE OF INTEREST OR IMPOSITION OF FEES FOR INDEBT-
EDNESS  TO  OTHER  CREDITORS.  1.  NO  ISSUER SHALL INCREASE THE RATE OF
INTEREST UPON THE ACCOUNT OF  THE  HOLDER  OR  IMPOSE  A  FEE  UPON  THE
OUTSTANDING BALANCE OWED BY A HOLDER WHEN THE INCREASED RATE OF INTEREST
OR  THE IMPOSITION OF A FEE IS SOLELY THE RESULT OF THE HOLDER'S INDEBT-
EDNESS OR FAILURE TO MAKE TIMELY PAYMENTS TO ANY OTHER CREDITOR OR CRED-
ITORS.
  2. A VIOLATION OF SUBDIVISION ONE OF THIS SECTION SHALL  CONSTITUTE  A
MISDEMEANOR.
  S 2. This act shall take effect on the first day of the calendar month
which commences next succeeding the date on which it shall have become a
law.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00949-01-9


              

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