Limits late payment charges on credit cards to five percent of the unpaid balance or twenty dollars, whichever is less.
The bill amends the general business law to set a cap on late payment charges for credit cards. Any charge for late payment cannot exceed five percent of the unpaid balance, including interest, or twenty dollars, whichever is less. This provision aims to protect consumers from excessive late fees.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.