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.
Summary
Bill A07075 proposes an amendment to the general business law of New York that limits the late charges imposed by credit card companies. Specifically, it stipulates that any late payment charges cannot exceed either five percent of the unpaid balance or twenty dollars, whichever is less. This legislation aims to provide financial relief to consumers who may struggle with late payments, thereby promoting fairer practices within the credit card industry.
Impact
If enacted, this bill will significantly alter the current framework governing late payment charges on credit cards in New York. It will establish a cap on late fees, potentially reducing the financial burden on consumers and encouraging more responsible credit card usage. This change may also prompt credit card companies to revise their fee structures and policies to comply with the new law, impacting their revenue models.
Sentiment
The sentiment surrounding Bill A07075 appears to be generally supportive among consumer advocacy groups who argue that it protects consumers from excessive fees. However, there may be concerns from credit card companies regarding the potential loss of revenue and the implications for their business practices. The lack of recorded votes or detailed committee discussions suggests that the bill may not have faced significant opposition or debate thus far.
Contention
Notable points of contention may arise from credit card companies who argue that limiting late fees could lead to increased costs for consumers in other areas, such as higher interest rates or annual fees. Consumer advocates, on the other hand, contend that the bill is necessary to prevent exploitative practices and to protect vulnerable consumers from accumulating unmanageable debt due to high late fees.
Same As
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.
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.
Provides that any charges assessed by a credit card company for late payment shall not exceed one and one-half percent of the unpaid balance of any bill or fifteen dollars.
Increases the amount of the credit against taxes for long-term care insurance from twenty to forty percent and from one thousand five hundred dollars to two thousand five hundred dollars.
Provides that charges imposed by certain state chartered banking institutions in connection with a check or other written order drawn on insufficient funds shall not exceed the greater of five dollars or the pro rata share of such state chartered banking institution's total direct costs and charge-off losses for providing non-covered overdraft credit.
Provides that the penalty for the abandonment of animals is a misdemeanor, punishable by imprisonment for not more than one year, or by a fine of not less than five hundred dollars nor more than one thousand dollars, or by both.
Relates to providing hazard payments to essential workers during a state disaster emergency; provides that certain employers shall make hazard payments to essential workers during a state disaster emergency provided no hazard payment shall exceed twenty-five thousand dollars in any year for any essential worker earning less than two hundred thousand dollars per year or five thousand dollars for any essential worker earning more than two hundred thousand dollars.
Relates to providing hazard payments to essential workers during a state disaster emergency; provides that certain employers shall make hazard payments to essential workers during a state disaster emergency provided no hazard payment shall exceed twenty-five thousand dollars in any year for any essential worker earning less than two hundred thousand dollars per year or five thousand dollars for any essential worker earning more than two hundred thousand dollars.