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Bill > S00153

NY S00153

NY S00153
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.

summary

Introduced
01/06/2021
In Committee
05/25/2021
Crossed Over
06/02/2021
Passed
10/27/2021
Dead
Signed/Enacted/Adopted
11/08/2021

Introduced Session

2021-2022 General Assembly

Bill 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.

AI Summary

This bill enacts the "consumer credit fairness act", which establishes a 3-year statute of limitations for actions arising out of consumer credit transactions where the defendant is a purchaser, borrower or debtor. It also requires a notice of lawsuit to be mailed to the defendant in such actions, sets certain requirements for the complaint, and provides for arbitration of such actions. The bill amends various provisions of the civil practice law and rules to implement these changes.

Committee Categories

Housing and Urban Affairs, Justice

Sponsors (16)

Last Action

SIGNED CHAP.593 (on 11/08/2021)
(1 Companion Bills)

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