Bill > A07438

This bill aims to increase transparency and prevent conflicts of interest in private arbitration organizations that handle a significant number of consumer arbitrations in New York. It requires such organizations to collect and publicly disclose detailed information about the arbitrations they administer, including the parties involved, the types of disputes, the outcomes, and the arbitrators' fees. Additionally, the bill prohibits these organizations from having any financial interests in the parties or attorneys involved in the arbitrations they oversee. The bill provides enforcement mechanisms, including the ability for the Attorney General to seek injunctions and civil penalties for violations. The provisions of the bill will take effect 180 days after it becomes law.