Provides for a cap on the credit service charge computed and collected on a retail instalment contract

This bill caps the credit service charge (a fee added to retail installment contracts, like those for furniture or appliances) at the maximum interest rate set by New York's Banking Law §14-a. It directly affects consumers who enter into these payment plans, limiting how much sellers can charge as a fee on the remaining balance. The key change amends the Personal Property Law to require that credit service charges not exceed the rate established under Banking Law §14-a. The bill takes effect immediately upon enactment.