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A02678 Summary:

BILL NO    A02678 

SAME AS    SAME AS A09053

SPONSOR    Weinstein (MS)

COSPNSR    Jaffee, Millman, Titone, Colton, Weprin, Galef, Miller, Abinanti

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

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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