New York Senate Bill S00363 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 363 2023-2024 Regular Sessions  IN SENATE (Prefiled) January 4, 2023 ___________ Introduced by Sens. THOMAS, COMRIE, RAMOS -- read twice and ordered printed, and when printed to be committed to the Committee on Consumer Protection AN ACT to amend the personal property law, in relation to providing for a cap on the credit service charge computed and collected on a retail instalment contract The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 1 of section 404 of the personal property law, 2 as amended by chapter 883 of the laws of 1980, is amended to read as 3 follows: 4 1. A seller may, in a retail instalment contract or obligation, 5 contract for and, if so contracted for, the holder thereof may charge, 6 receive and collect a credit service charge computed on the principal 7 balance of the contract or obligation from the date thereof to and 8 including the date when the final instalment is payable, at the rate or 9 rates agreed to by the buyer, but such credit service charge shall not 10 exceed the interest rate established pursuant to section fourteen-a of 11 the banking law. 12 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01639-01-3