S 4022: 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.

  
  STATE OF NEW YORK ________________________________________________________________________ 4022 2025-2026 Regular Sessions  IN SENATE January 31, 2025 ___________ 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 credit card late charges The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The general business law is amended by adding a new section 2 518-b to read as follows: 3 § 518-b. Credit card late charges. Any charges assessed by a credit 4 card company for late payment shall not exceed five percent of the 5 unpaid balance of any bill, including any interest thereon, or twenty 6 dollars, whichever amount is less. 7 § 2. This act shall take effect on the ninetieth day after it shall 8 have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07592-01-5