Bill 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.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Introduced - Dead) 2012-02-06 - AMENDED BY RESTORING TO PREVIOUS PRINT 677A [S00677 Detail]

Text: Latest bill text (Introduced) [HTML]

---

Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Jose Peralta [D]	Primary	Sponsored Bills	SD-013	FollowTheMoney	Ballotpedia	VoteSmart
Senator Joseph Addabbo [D]	Cosponsor	Sponsored Bills	SD-015	FollowTheMoney	Ballotpedia	VoteSmart
Senator Tony Avella [D]	Cosponsor	Sponsored Bills	SD-011	FollowTheMoney	Ballotpedia	VoteSmart
Senator Ruth Hassell-Thompson [D]	Cosponsor	Sponsored Bills	SD-036	FollowTheMoney	Ballotpedia	VoteSmart
Senator Liz Krueger [D]	Cosponsor	Sponsored Bills	SD-028	FollowTheMoney	Ballotpedia	VoteSmart
Senator Kevin Parker [D]	Cosponsor	Sponsored Bills	SD-021	FollowTheMoney	Ballotpedia	VoteSmart

Social Comments on NY S00677