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

This bill caps fees charged by sellers for credit services on retail installment contracts (like those for furniture or appliances). It limits these "credit service charges" to the interest rate set under banking law, preventing sellers from charging excessive fees beyond standard interest rates. The law directly affects sellers offering installment plans, ensuring their credit-related fees align with established banking interest rate standards. The change takes effect immediately upon passage.