New York bill A07020 sets the maximum interest rate for personal credit cards at 10%.

New York Assembly bill A07020 amends the banking law to set the maximum interest rate for credit cards issued or used in the state at 10% per annum. Any rate exceeding this limit is void as against public policy. The attorney general can seek court action to stop violations. The bill also adds a provision to the general business law prohibiting the use of credit cards with interest rates above the maximum. The act takes effect immediately and expires five years later.

New York bill A07020 sets the maximum interest rate for personal credit cards at 10%.

New York Assembly bill A07020 amends the banking law to set the maximum interest rate for credit cards issued or used in the state at 10% per annum. Any rate exceeding this limit is void as against public policy. The attorney general can seek court action to stop violations. The bill also adds a provision to the general business law prohibiting the use of credit cards with interest rates above the maximum. The act takes effect immediately and expires five years later.