Assembly BillIntroduced
A 5741: Provides for a cap on the credit service charge computed and collected on a retail instalment contract.
What A 5741 does, verified January 9, 2026
The bill aims to cap the credit service charge on retail instalment contracts. A seller can charge a credit service charge based on the principal balance of the contract, but the maximum rate cannot exceed the interest rate set by the banking law. The credit service charge is computed from the date of the contract to the date of the final instalment payment. This cap is intended to protect consumers from excessive charges.
Bill journey
1IntroducedCurrent
2In CommitteePending
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: referred to consumer affairs and protection (2026-01-07)Alert me
Quick answers about A 5741
- What is the current status of A 5741?
- As of January 9, 2026, A 5741 is recorded as "Introduced": it has been introduced and is waiting for its first committee hearing or floor vote. The last recorded action, on January 7, 2026, was "referred to consumer affairs and protection".
- Did A 5741 pass?
- Not yet. A 5741 has been introduced and has not passed either house.
- Who wrote A 5741, and where is it now?
- A 5741 was authored by Asm. Erik Dilan. Its committee of record is Assembly Consumer Affairs & Protection.
Author and sponsors
Full contact details, staff, and committees with Connect, $16/moUnlockRecent actions2 total · showing 2
| Jan. 07, 2026 | referred to consumer affairs and protection |
| Feb. 20, 2025 | referred to consumer affairs and protection |
Latest bill textIntroduced version, February 20, 2025 · 239 words
STATE OF NEW YORK ________________________________________________________________________ 5741 2025-2026 Regular Sessions IN ASSEMBLY February 20, 2025 ___________ Introduced by M. of A. DILAN -- read once and referred to the Committee on Consumer Affairs and Protection AN ACT to amend the personal property law, in relation to providing for a cap on the credit service charge computed and collected on a retail instalment contract 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 404 of the personal property law, 2 as amended by chapter 883 of the laws of 1980, is amended to read as 3 follows: 4 1. A seller may, in a retail instalment contract or obligation, 5 contract for and, if so contracted for, the holder thereof may charge, 6 receive and collect a credit service charge computed on the principal 7 balance of the contract or obligation from the date thereof to and 8 including the date when the final instalment is payable, at the rate or 9 rates agreed to by the buyer, but such credit service charge shall not 10 exceed the interest rate established pursuant to section fourteen-a of 11 the banking law. 12 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09567-01-5
Text of A 5741 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions