New York A07075 amends the general business law to cap credit card late payment charges at 5% of the unpaid balance or $20, whichever is less.

New York A07075 amends the general business law by adding a new section 518-b, which limits the charges credit card companies can assess for late payments. The new law states that these charges cannot exceed five percent of the unpaid balance of any bill, including any interest thereon, or twenty dollars, whichever amount is less. This change aims to protect consumers from excessive late fees on their credit card bills.

New York A07075 amends the general business law to cap credit card late payment charges at 5% of the unpaid balance or $20, whichever is less.

New York A07075 amends the general business law by adding a new section 518-b, which limits the charges credit card companies can assess for late payments. The new law states that these charges cannot exceed five percent of the unpaid balance of any bill, including any interest thereon, or twenty dollars, whichever amount is less. This change aims to protect consumers from excessive late fees on their credit card bills.