Assembly BillIntroduced
A 7020: Fixes the maximum interest rate for credit cards issued or used in this state at 10%.
What A 7020 does, verified January 8, 2026
The bill aims to cap the interest rate on credit cards for personal use in the state of New York. The maximum rate allowed is 10% per annum. Any rate in excess of this limit will be considered void as against public policy. The bill also prohibits the use of credit cards for personal purchases if the interest rate exceeds the allowed limit. The law will take effect immediately and will expire after 5 years.
Bill journey
1IntroducedCurrent
2In CommitteePending
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: referred to banks (2026-01-07)Alert me
Quick answers about A 7020
- What is the current status of A 7020?
- As of January 8, 2026, A 7020 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 banks".
- Did A 7020 pass?
- Not yet. A 7020 has been introduced and has not passed either house.
- Who wrote A 7020, and where is it now?
- A 7020 was authored by Asm. Doug Smith with 12 coauthors. Its committee of record is Assembly Banks.
Author and sponsors
Full contact details, staff, and committees with Connect, $16/moUnlockRecent actions3 total · showing 3
| Jan. 07, 2026 | referred to banks |
| Jun. 04, 2025 | held for consideration in banks |
| Mar. 18, 2025 | referred to banks |
Latest bill textIntroduced version, March 18, 2025 · 406 words
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
Text of A 7020 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions