Bill > S02083

This bill amends the General Business Law in New York to regulate private arbitration organizations involved in consumer arbitrations. The key provisions are: 1. It defines "arbitration organization" as an entity that initiates, sponsors, or administers an arbitration proceeding, or is involved in appointing an arbitrator. 2. It requires private arbitration organizations that handle 50 or more consumer arbitrations per year to collect and publish certain information about those arbitrations, including details about the parties, the type of dispute, the outcome, and the arbitrator's fees. This information must be made publicly available in a computer-searchable database. 3. It prohibits private arbitration organizations from administering a consumer arbitration if the organization has a financial interest in a party or their attorney, or if a party/attorney has a financial interest in the organization, with some exceptions. 4. It provides enforcement mechanisms, including allowing the Attorney General to seek injunctions and civil penalties for violations, and allowing individuals to bring lawsuits to enjoin unlawful acts or recover damages. The bill is intended to increase transparency and address potential conflicts of interest in the consumer arbitration process.