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A02678 Summary:

SPONSORWeinstein (MS)
COSPNSRJaffee, Millman, Titone, Colton, Weprin, Galef, Miller, Abinanti, Zebrowski, Peoples-Stokes
MLTSPNSRCrespo, Cymbrowitz, Davila, 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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