assembly Bill A2382

2021-2022 Legislative Session

Enacts the "consumer credit fairness act"

download bill text pdf

Sponsored By

Current 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

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 19, 2021 referred to judiciary

Co-Sponsors

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Multi-Sponsors

A2382 (ACTIVE) - Details

See Senate Version of this Bill:
S153
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, S8959
2019-2020: A6909, A10795, S691, S4827

A2382 (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.

A2382 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2382
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 19, 2021
                                ___________
 
 Introduced  by  M.  of  A. WEINSTEIN, GALEF, ZEBROWSKI, O'DONNELL, FAHY,
   PEOPLES-STOKES,  L. ROSENTHAL,  DINOWITZ,  SEAWRIGHT,  GLICK,  WEPRIN,
   TAYLOR  --  Multi-Sponsored  by  -- M. of A. CAHILL, CYMBROWITZ, GOTT-
   FRIED, McDONOUGH -- read once and referred to the Committee on Judici-
   ary

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