2008 NCSL Legislative Summit
New Orleans, Louisiana
Will This Purchase be on Your Card?
Tuesday, July 22, 2008
4:30 pm - 5:30 pm
2003-2008 Credit Cards Payment Dates Legislation
2008 Legislation
Alaska
S.B. 197
Requires credit card issuers to recognize certain dates as dates of payment.
Kentucky
H.B. 463
Creates a new section of KRS Chapter 367 to provide that if payment on a cardholder's open-end credit card account is delivered by the United States Postal Service to the payee, the payment shall be deemed received by the payee on the date of the U.S. postmark stamped on the envelope or other cover in which the payment is mailed if mailed postpaid and correctly addressed.
New York
A.B. 4386
Allows credit card payment to be mailed and postmarked three days before due date to avoid late charge.
A.B. 9832
S.B. 5065
Prohibits late charges on credit cards where the holder of the credit card makes a payment within 10 days of the payment due date.
S.B. 1431
Requires statements sent by a credit card company to a consumer to contain a clear and conspicuous notice of the due date of the balance and the payment required to avoid incurring new or additional finance charges.
Washington
S.B. 6091
Provides that all payments made in person shall be considered payment to the issuer and shall be posted on the day received and at the time of day in the bank, subsidiary, or branch at which the payment is made.
2007 Legislation
Alaska
H.B. 146
Requires certain businesses to recognize postmark dates as the date of payment.
Illinois
H.B. 1564
Amends the Consumer Fraud and Deceptive Business Practices Act. Provides that a payment owed by a consumer is deemed paid as of the post office cancellation date stamped on the envelope or other cover in which the payment is mailed, regardless of when the payment is received, and no additional fee, penalty, or interest may be imposed by any person on any consumer whose payment is delivered by United States mail if the post office cancellation date stamped on the envelope or other cover containing the payment falls within the prescribed period or on or before the prescribed date for making the payment. Provides that a person who imposes or attempts to impose a fee, penalty, or interest charge in violation of the new provisions commits an unlawful practice within the meaning of the Act.
New York
A.B. 4386
Allows credit card payment to be mailed and postmarked 3 days before due date to avoid late charge.
S.B. 5065
Prohibits late charges on credit cards where the holder of the credit card makes a payment within 10 days of the payment due date.
S.B. 1431
Requires statements sent by a credit card company to a consumer to contain a clear and conspicuous notice of the due date of the balance and the payment required to avoid incurring new or additional finance charges.
Washington
S.B. 6091
Provides that all payments made in person shall be considered payment to the issuer and shall be posted on the day received and at the time of day in the bank, subsidiary, or branch at which the payment is made.
2006 Legislation
None.
2005 Legislation
Connecticut
S.B. 136
Deems a payment made to a creditor which is due on a weekend day or holiday when the creditor is not open for business and postmarked two or more days prior to the due date to be timely if received on the first business day following the due date.
New York
S.B. 240
Prohibits late charges on credit cards where the holder of the credit card makes a payment within 10 days of the payment due date.
S.B. 628
Requires statements sent by a credit card company to a consumer to contain a clear and conspicuous notice of the payment due date.
2004 Legislation
None.
2003 Legislation
Alaska
H.B. 317
Requires certain businesses to recognize postmark dates as the date of payment.
California
S.B. 505
Enacts the Postmark Payment Act. Provides that if specified payments to financial institutions and credit card issuers required to be made on or before a prescribed date are delivered after that date by the United States Postal Service, the payments are deemed to have been received on the date of the postmark stamped by the United States Postal Service on the envelope or other cover in which the payment was mailed.
New York
S.B. 1317
Prohibits late charges on credit cards where the holder of the credit card makes a payment within 10 days of the payment due date.
S.B. 1865
Requires statements sent by a credit card company to a consumer to contain a clear and conspicuous notice of the payment due date.
 Return to CFI 2008 Legislative Summit Agenda
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