•  Summary 
  •  
  •  Actions 
  •  
  •  Floor Votes 
  •  
  •  Memo 
  •  
  •  Text 

A03877 Summary:

BILL NOA03877
 
SAME ASNo same as
 
SPONSORWeinstein (MS)
 
COSPNSRJaffee, Titone, Colton, Galef, Abinanti, Zebrowski, O'Donnell, Crespo, Rosenthal, Fahy, Robinson, Peoples-Stokes, Miller
 
MLTSPNSRBrennan, Cook, Cymbrowitz, Davila, Glick, Gottfried, Markey, Otis, Perry, Schimel, Solages
 
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.
Go to top