New York A05741 sets a cap on the credit service charge for retail installment contracts.

New York A05741 amends the personal property law to establish a cap on the credit service charge for retail installment contracts. The cap is set at the interest rate established under section fourteen-a of the banking law. This change applies to charges computed on the principal balance from the contract date until the final installment is payable, at the rate agreed upon by the buyer. The amendment takes effect immediately.

New York A05741 sets a cap on the credit service charge for retail installment contracts.

New York A05741 amends the personal property law to establish a cap on the credit service charge for retail installment contracts. The cap is set at the interest rate established under section fourteen-a of the banking law. This change applies to charges computed on the principal balance from the contract date until the final installment is payable, at the rate agreed upon by the buyer. The amendment takes effect immediately.