NY S00578 | 2017-2018 | General Assembly
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 4 2017 - 25% progression, died in committee
Action: 2018-01-03 - REFERRED TO JUDICIARY
Pending: Senate Judiciary Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 4 2017 - 25% progression, died in committee
Action: 2018-01-03 - REFERRED TO JUDICIARY
Pending: Senate Judiciary Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Enacts the "consumer credit fairness act"; establishes a 3 year statute of limitations for commencement of a cause of action arising out of a consumer credit transaction where the defendant is a purchaser, borrower or debtor; establishes a notice of lawsuit which must be mailed to the defendant in such a cause of action; establishes certain requirements for the complaint in such an action; provides for arbitration of such actions; requires debt collectors to send consumers a written notice of their rights under state law along with their initial debt collection correspondence; such notice would contain information such as who and when a principal creditor may contact a debtor about the debt owed as well as the fact that a principal creditor cannot disclose information affecting a consumer debtor's reputation for creditworthiness if the principal creditor knows or has reason to know such information is false; applies to consumer rather than commercial debts.
Title
Enacts the "consumer credit fairness act"; establishes a 3 year statute of limitations for commencement of a cause of action arising out of a consumer credit transaction where the defendant is a purchaser, borrower or debtor; establishes a notice of lawsuit which must be mailed to the defendant in such a cause of action; establishes certain requirements for the complaint in such an action; provides for arbitration of such actions; requires debt collectors to send consumers a written notice of their rights under state law along with their initial debt collection correspondence; such notice would contain information such as who and when a principal creditor may contact a debtor about the debt owed as well as the fact that a principal creditor cannot disclose information affecting a consumer debtor's reputation for creditworthiness if the principal creditor knows or has reason to know such information is false; applies to consumer rather than commercial debts.
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2018-01-03 | Senate | REFERRED TO JUDICIARY |
| 2017-01-04 | Senate | REFERRED TO JUDICIARY |
