|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Mar 01, 2021||advanced to third reading|
|Feb 24, 2021||2nd report cal.|
|Feb 23, 2021||1st report cal.405|
|Jan 06, 2021||referred to judiciary|
senate Bill S153
Current Bill Status - On Floor Calendar
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S153 (ACTIVE) - Details
S153 (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.
S153 (ACTIVE) - Sponsor Memo
BILL NUMBER: S153 SPONSOR: THOMAS TITLE OF BILL: An act to amend the civil practice law and rules and the judiciary law, in relation to consumer credit transactions PURPOSE OF BILL: This bill would strengthen consumer protections in consumer debt collection proceedings. SUMMARY OF PROVISIONS OF BILL: The bill would amend pleading requirements particular to consumer credit actions by requiring that the complaint provide the name of the original creditor, the last four digits of the account number printed on the most recent monthly statement recording a purchase transaction, last payment, or balance transfer, the date and amount of the last payment, an itemi- zation of the amount sought, the account balance printed on the most
S153 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 153 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ Introduced by Sen. THOMAS -- read twice and ordered printed, and when printed to be committed 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
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