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A02678 Summary:

BILL NO    A02678 


SPONSOR    Weinstein (MS)

COSPNSR    Jaffee, Millman, Titone, Colton, Weprin, Galef, Miller, Abinanti,
           Zebrowski, Peoples-Stokes

MLTSPNSR   Crespo, Cymbrowitz, Davila, Glick, Gottfried, Jacobs, Otis, Perry,

Amd SS213, 3012, 3215, R3016 & R3211, add SS214-f, 306-d & 7515, CPLR

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.
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