senate Bill S4827B

2019-2020 Legislative Session

Enacts the "consumer credit fairness act"

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Rules Committee


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

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Actions

view actions (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 20, 2019 recommitted to rules
Jun 19, 2019 ordered to third reading cal.1771
committee discharged and committed to rules
Jun 13, 2019 print number 4827b
Jun 13, 2019 amend and recommit to judiciary
Jun 06, 2019 print number 4827a
Jun 06, 2019 amend (t) and recommit to judiciary
Mar 26, 2019 referred to judiciary

Votes

view votes

Jun 19, 2019 - Rules committee Vote

S4827B
11
6
committee
11
Aye
6
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

S4827 - Details

See Assembly Version of this Bill:
A6909
Current Committee:
Senate Rules
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

S4827 - 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.

S4827 - Sponsor Memo

S4827 - Bill Text download pdf


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

    S. 4827                                                  A. 6909

                       2019-2020 Regular Sessions

                      S E N A T E - A S S E M B L Y

                             March 26, 2019
                               ___________

IN  SENATE -- Introduced by Sen. THOMAS -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Judiciary

IN ASSEMBLY -- Introduced by 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  --
  Multi-Sponsored  by  --  M.  of  A. CAHILL, COOK, CYMBROWITZ, EPSTEIN,
  GOTTFRIED, McDONOUGH, PERRY -- read once and referred to the Committee
  on Judiciary

AN ACT to amend the civil practice law and rules, in relation to consum-
  er 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. 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-H  of this article or article 2 of the uniform commer-
cial code or article 36-B of the general business law;
  § 3. The civil practice law and rules  is  amended  by  adding  a  new
section 214-h to read as follows:
  §  214-H.  CERTAIN ACTIONS ARISING OUT OF CONSUMER CREDIT TRANSACTIONS
TO BE COMMENCED WITHIN THREE YEARS. AN ACTION ARISING OUT OF A  CONSUMER
CREDIT  TRANSACTION WHERE A PURCHASER, BORROWER OR DEBTOR IS A DEFENDANT
MUST BE COMMENCED WITHIN THREE YEARS, EXCEPT AS PROVIDED IN SECTION  TWO
HUNDRED  THIRTEEN-A  OF THIS ARTICLE OR ARTICLE 2 OF THE UNIFORM COMMER-
CIAL CODE OR ARTICLE 36-B OF THE GENERAL BUSINESS LAW. WHEN  THE  PERIOD
WITHIN  WHICH AN ACTION MAY BE COMMENCED UNDER THIS SECTION HAS EXPIRED,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

S4827A - Details

See Assembly Version of this Bill:
A6909
Current Committee:
Senate Rules
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

S4827A - 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.

S4827A - Sponsor Memo

S4827A - Bill Text download pdf


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

    S. 4827--A                                            A. 6909--A

                       2019-2020 Regular Sessions

                      S E N A T E - A S S E M B L Y

                             March 26, 2019
                               ___________

IN  SENATE -- Introduced by Sen. THOMAS -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Judiciary  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee

IN ASSEMBLY -- Introduced by 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  --  Multi-Sponsored  by  -- M. of A. CAHILL, COOK, CYMBROWITZ,
  EPSTEIN, GOTTFRIED, McDONOUGH, PERRY -- read once and referred to  the
  Committee  on  Judiciary  -- reported and referred to the Committee on
  Codes -- committee discharged,  bill  amended,  ordered  reprinted  as
  amended and recommitted to said committee

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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00927-07-9

Co-Sponsors

S4827B (ACTIVE) - Details

See Assembly Version of this Bill:
A6909
Current Committee:
Senate Rules
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

S4827B (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.

S4827B (ACTIVE) - Sponsor Memo

S4827B (ACTIVE) - Bill Text download pdf


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

    S. 4827--B                                            A. 6909--B

                       2019-2020 Regular Sessions

                      S E N A T E - A S S E M B L Y

                             March 26, 2019
                               ___________

IN  SENATE -- Introduced by Sen. THOMAS -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Judiciary  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee -- committee discharged,  bill  amended,
  ordered reprinted as amended and recommitted to said committee

IN  ASSEMBLY -- Introduced by 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 -- Multi-Sponsored by -- M. of  A.  CAHILL,  COOK,  CYMBROWITZ,
  EPSTEIN,  GOTTFRIED, McDONOUGH, PERRY -- read once and referred to the
  Committee on Judiciary -- reported and referred to  the  Committee  on
  Codes  --  committee  discharged,  bill  amended, ordered reprinted as
  amended and recommitted to said committee -- reported and referred  to
  the  Committee  on  Rules -- Rules Committee discharged, bill amended,
  ordered reprinted as amended and recommitted to the Committee on Rules

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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00927-09-9

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