Requires interest rates for debts be set to no more than one percentage point greater than the consumer price index for urban wage earners and clerical workers per annum

Summary

The bill amends New York’s finance law so that interest on overdue debts owed to state agencies cannot exceed the consumer price index for urban wage earners and clerical workers plus one percentage point. It also requires payment within 30 days of the invoice and limits extra collection fees. The changes aim to keep charges on state debts from becoming excessive while still allowing agencies to recover costs.

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