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Bill > A02382

NY A02382

NY A02382
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
01/19/2021
In Committee
05/12/2021
Crossed Over
Passed
Dead
12/31/2022

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 requires the plaintiff to mail a notice of the lawsuit to the defendant, and sets certain requirements for the complaint in such actions, including providing details about the original creditor and the debt. The bill also provides for arbitration of such actions and requires additional notice to be provided to unrepresented defendants in motions for summary judgment. The bill aims to protect consumers in debt collection actions.

Committee Categories

Housing and Urban Affairs, Justice

Sponsors (17)

Last Action

substituted by s153 (on 06/02/2021)
(1 Companion Bills)

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