assembly Bill A10795

2019-2020 Legislative Session

Enacts the "consumer credit fairness act"

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Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 10, 2020 referred to judiciary

Co-Sponsors

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A10795 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Civil Practice Law and Rules
Laws Affected:
Amd CPLR, generally; amd §212, Judy L
Versions Introduced in Other Legislative Sessions:
2013-2014: A2678
2015-2016: A3877, A4438
2017-2018: A1752
2021-2022: A2382

A10795 (ACTIVE) - Summary

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 (view more) provides for arbitration of such actions.

A10795 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  10795

                          I N  A S S E M B L Y

                              July 10, 2020
                               ___________

Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Weinstein,
  Jaffee, Colton, Galef, Abinanti, Zebrowski, O'Donnell, Fahy,  Peoples-
  Stokes,   L. Rosenthal,   M. G. Miller,  Dinowitz,  Seawright,  Glick,
  Weprin, Mosley, Taylor, Barron, Reyes, Ortiz, Cahill,  Cook,  Cymbrow-
  itz,  Epstein,  Gottfried, McDonough, Perry) -- read once and referred
  to the Committee on Judiciary

AN ACT to amend the civil practice law and rules and the judiciary  law,
  in relation to consumer credit transactions

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Short title. This act shall be known and may  be  cited  as
the "consumer credit fairness act".
  §  2.  Section  105  of the civil practice law and rules is amended by
adding two new subdivisions (h-1) and (q-1) to read as follows:
  (H-1) FINANCE CHARGE. THE TERM "FINANCE  CHARGE"  MEANS  THE  COST  OF
CONSUMER CREDIT AS A DOLLAR AMOUNT, INCLUDES ANY CHARGE PAYABLE DIRECTLY
OR  INDIRECTLY BY THE CONSUMER AND IMPOSED DIRECTLY OR INDIRECTLY BY THE
CREDITOR AS AN INCIDENT TO OR A CONDITION OF THE  EXTENSION  OF  CREDIT,
AND  DOES  NOT INCLUDE ANY CHARGE OF A TYPE PAYABLE IN A COMPARABLE CASH
TRANSACTION.
  (Q-1) ORIGINAL CREDITOR. THE TERM "ORIGINAL CREDITOR" MEANS THE ENTITY
THAT OWNED A CONSUMER CREDIT ACCOUNT AT THE DATE OF DEFAULT GIVING  RISE
TO A CAUSE OF ACTION.
  § 3. Subdivision 2 of section 213 of the civil practice law and rules,
as  amended  by  chapter  709 of the laws of 1988, is amended to read as
follows:
  2. an action upon a contractual obligation or  liability,  express  or
implied,  except  as  provided  in section two hundred thirteen-a OR TWO
HUNDRED FOURTEEN-I of this article or article 2 of the  uniform  commer-
cial code or article 36-B of the general business law;
  §  4.  The  civil  practice  law  and rules is amended by adding a new
section 214-i to read as follows:
  § 214-I. CERTAIN ACTIONS ARISING OUT OF CONSUMER  CREDIT  TRANSACTIONS
TO  BE COMMENCED WITHIN THREE YEARS. AN ACTION ARISING OUT OF A CONSUMER

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets